Bitcoin death cross? Not a time to worry: Alpha Tactics

peterschreiber.media/iStock via Getty Images It was a volatile week for Bitcoin (BTC-USD) as the cryptocurrency sank below $30K and #cryptocrash trended. Bitcoin is currently trading around $31,500, with Elon Musk returning to the conversation. In Piper Sandler's second-half outlook, chief technical strategist Craig W. Johnson digs down into how Bitcoin has performed after the death cross this week, where the 50-day moving average crosses below the 200-day. "To understand the recent death cross implications, we backtested the strategy in Bitcoin going back to 2010," Johnson writes. "Of the 7 other occurrences found during this timeframe, the average 30-day forward return after a death cross was +11.2%." "While the data is limited, death crosses appear to be a lagging indicator for Bitcoin. Based on these underwhelming results, we decided to optimize the short- and long-term moving averages to identify the best 30-day forward returns for a death cross." "Entering a short