Almost 25% of Crypto Investors Believe Golden Cross is Bearish for Bitcoin
According to a Twitter survey conducted by crypto bull Thomas Lee, 24% of Crypto Twitter inhabitants believe that the signal, which typically hints at a bull run ahead, is a trap and that it is time to unload some Bitcoin. A golden cross occurs when a 50-day moving average crosses the 200-day moving average from under on the daily chart.
Being a typically-bullish signal, it did not come as a surprise for the largest number of respondents to say it is a good time to buy. However, it was not by a convincing margin. Only 43% of the respondents said the golden cross was a green light to purchase in anticipation of a imminent Bitcoin price rally.
SURVEY: Bitcoin golden cross (50D crosses above 200D) today.
What is your reaction to this Golden Cross
— Thomas Lee (@fundstrat) April 23, 2019
Majority of BTC, XRP, and ETH Traders are Net-long
Despite the survey, the formation of Bitcoin’s first golden cross since October 2015 has been greeted with excitement. Based on precedent, a bull run could be in the works. After the last golden cross, the bull run lasted until early 2018.
Sentiment has also turned bullish, and this is supported by factors other than technical analysis. Data compiled by forex exchange firm DailyFX also revealed that 81% of retail traders are now net-long bitcoin.