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

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 Bitcoin position when the 8-day MA crossed below the 240-day MA produced the highest returns over the last 10 years."
"The average 30-day return following the sell signal from the optimized death cross was +14.7%."
"Of the 9 trades produced during this timeframe, 7 generated positive returns."
"The max return from the model was 138% during the 30-day window, while the max drawdown was 19.2%."

"Entering a long Bitcoin position when the 74-day MA crossed above the 123-day MA produced the highest returns over the last 10-years."
"The average 30-day return following a buy signal from the optimized golden cross was +71%."
"Of the 12 trades produced during this timeframe, 8 generated positive returns."
"The max return from the model was 892% during the 30-day window, while the max drawdown was 20.9%."
"Currently, the 74-day MA is 6.9% below the 123-day MA".