 the bitcoin golden cross is finally here this week we finally got that golden cross that we have been expecting for the last couple of weeks on monday's video we told you guys that if the bitcoin price went back above the moving averages that the golden cross would occur during this week as you guys can see here bitcoin went up as high as $48,500 this week this move caused the golden cross on around Tuesday or Wednesday of this week so now the question becomes what does this mean for bitcoin and the overall market going forward and to figure that out what we do is look back at some historical data to see what bitcoin's price has done in the past when the golden cross has occurred we will cover all of this in today's video including of course some trade setups for this weekend so stay tuned guys let's dive right in hey what's up jay here and welcome to bitcoin daily bringing you guys the best tips tutorials and ideas to help you guys become profitable and successful investors the goal of this channel is to empower you guys the beautiful crypto community with the knowledge and resources to get you and your wealth up to that next level so if you guys enjoy this video don't forget to smash that like button if you guys are new to the channel don't forget to not only subscribe but turn on that notification bell and of course if you have any questions about anything that we cover in today's video drop it in here all right so let's go ahead and talk about bitcoin's eighth ever golden cross what it means and what has happened historically when bitcoin has had the this golden cross the seven other times so according to investopedia a golden cross is a technical chart pattern indicating the potential for a major rally the golden cross appears on a chart when its short-term moving average crosses above its long-term moving average the golden cross is the opposite of the death cross which we recently had as well which indicates a bearish price movement so when looking for the golden cross here specifically we're looking at the daily chart patterns and we're using the 50 day and the 200 day moving average now remember that the bearish cross and death cross are not 100 accurate signals sometimes there can be fake outs it doesn't mean 100 guaranteed that because this happened it's going to take off so that's one the first thing to remember as you saw earlier this year we had a death cross and remember death cross means bearish rally right and remember the death cross means bearish that the price is going to fall really hard usually for the next and it's more of a long-term indicator but it is also a lagging indicator so that's another thing to consider if we look at bitcoin's opening price when the death cross appeared to the bottom the lowest price that it went you will see that it was about a 19 drop from the open to close the death cross happened on June 19th and the bottom was hit June 22nd which was around 28,726 so literally in three days we saw the bottom of that and then we just kind of consolidated for from that point until July 24 so basically for a month we consolidated after that when we saw this rally to the upside that we're currently seeing at the moment which has now triggered the golden cross so between the death cross and the golden cross it has been 87 days so basically it's been a three month period from the day that we got the death cross till the day that we cross back bullish right so that's another thing to keep in mind it's been around 87 days so we can officially say that the death cross was not an accurate signal there was a drop of about 20 after the death cross triggered but we got a rally one month later and three months later we have now got received the golden cross so first of all bitcoin has had eight golden crosses and eight death crosses in its short history so you can see that the first ever death cross happened back in September of 2011 what a coincidence in September right from the day of the death cross to the bottom of this move it was about a 61 drop in price you can see that before that according to this chart here it goes back as far as 2010 bitcoin just kind of opened up already in a golden cross so you know there's no golden cross before that it just starts off with this death cross back in 2011 next we have the first ever official golden cross back in 2012 now prepare yourself because this lasted until about 2014 this lasted until April of 2014 before that second death cross so this move in February of 2012 initiated what was probably one of the biggest moves ever for bitcoin it went up 21,767 percent then in April you see its second official death cross here which was a fake out right because right after this death cross in April on April 8th 2014 we had a golden cross in July of 2014 so basically a month apart only to then have another death cross on September of 2014 again September being a bearish month this third death cross triggered another drop of about 65 percent in the price of bitcoin during that time which was from September 2014 all the way to it bottomed out around January 2015 then in July of 2015 we got another golden cross which ended up being a fake out because you can see this big dump off here I'm sure it was caused by some sort of event we got another death cross here which very shortly after prices went up so that was not accurate either and then on October 2015 we got another golden cross which this one was legit and was accurate and it led to another run up in bitcoin's price you can see that this golden cross lasted from October 2015 all the way till December of 2017 that was our previous bull cycle lasted about two years and you can see that that price in bitcoin went up 6916 percent at the time that is when we got our next death cross back in March of 2018 which bottomed out around December of 2018 for a drop of around 62 percent in bitcoin then in April of 2019 we got our next golden cross which did not last that long you see that it topped out around June 2019 bitcoin's price after the golden cross went up around 155 percent before getting multiple fakeouts here you can see that we had a small death cross but not really too much happened and right away we got a golden cross then right away we got another death cross then shortly after that we got another golden cross back in May of last year so our previous golden cross which was in May of last year is what launched this current bull run that we've been in and bitcoin went up over 600 percent after that golden cross happened and then in June of this year is when we had the eighth death cross that we've had in bitcoin which was of course a fakeout and now we've had our eighth golden cross in bitcoin so then if we look back at how accurate these golden and death cross have been we can see that death crosses have only been accurate one two three out of the eight times they have signaled while the golden crosses have been accurate one two three and four so far out of seven we haven't seen this one yet so this is the eighth one right now so four out of seven is not too bad it's about a 57 percent as far as accuracy so like i said don't put too much into it this is just another piece of the puzzle that you put together with everything else that's currently going on in the charts in the market and in the overall space of cryptocurrencies so this is a reason why some people are very skeptical about both golden crosses and death crosses with golden crosses hitting at about a 57 percent mark and death crosses hitting at about a 42 mark if you average them all out it pretty much gives you a 50 50 shot on whether or not this is a actual signal and not a fakeout but maybe now with more and more institutional and smart money coming into the market following a traditional market all in play like the golden cross could be a wise play in the past the crypto space has not followed the traditional market rules so how can we know if for sure this signal is going to be legit this time or another fakeout it is only one piece to the puzzle of many many pieces so we just have to do the best job possible of putting all these pieces together to fit the story that the price and the overall market is trying to tell us all right guys so now hopefully you understand in depth exactly what the golden cross and death cross mean for bitcoin and how bitcoin has responded in the past to both of those signals remember they're more traditional market signals rather than crypto signals so that's it for today's video guys i hope you guys enjoyed this video and the breakdown of the golden cross today don't forget to use those trade setups that we just gave you guys to hopefully make some profit for us we prefer to use around 10x leverage usually one trading and our preferred broker is of course bybit if you guys want to trade with leverage and use bybit you can use the link in the description to get a deposit bonus up to around a thousand two thousand dollars depending on how much you deposit if you enjoyed this video guys go ahead and smash that like button if you're new to the channel don't forget to subscribe and turn on the notifications if you have any questions about anything we covered in today's video here today then go ahead and drop it in the comments thank you guys so much for watching this video guys happy friday have a wonderful and safe weekend let's make some profits guys as always peace and love