China’s Crackdown On Bitcoin Mining Is Good News For North American Crypto Miners

China’s Crackdown On Bitcoin Mining Is Good News For North American Crypto Miners

Meanwhile, the Bitcoin price formed a death cross last Monday, with the 50-day moving average trading below the 200-day moving average (MA). This technical pattern is often seen as a bearish sign of things to come, but that may not be the case with Bitcoin. Bitcoin death crosses have not historically been consistent downside price predictors. Take a look at the chart below, shared in a Tweet by CoinShares. The digital asset investing firm analyzed Bitcoin's price action one, three, six and 12 months following previous death crosses, and no pattern emerged suggesting that a sustained bear market was triggered when the 50-day MA dipped below the 200-day. If anything, the chart shows that your chances of being rewarded improved the longer you held. A death cross occurred in March 2020, and had you held for a year, you could have seen returns as high as 450%, according to CoinShares. I should also point out that Bitcoin's price range appears to have expanded by a factor of 20 with each new halving cycle. As a reminder, halving events are built into the Bitcoin network and are designed to control the supply of the crypto. Whenever 210, 000 blocks are mined,