🔥 Is The Bitcoin Weekly Death-Cross Really Bearish?

On several socials I've seen a lot of people talking about Bitcoin and the weekly death cross which is about to happen. A death cross occurs when the 50 period SMA crosses under the 200 period SMA. We've seen it happen often on the daily chart, but never before on the weekly chart.

White: 50-week SMA
Yellow: 200-week SMA

A lot of people are very afraid of the weekly death cross, I mean, it's called the death cross for a reason. But, is that fear valid? Let's find out together.

Since the weekly death cross has never occurred before for Bitcoin, I want to take a look at the SP500. Since the stock market's- and crypto's performance are very much alike recently, I think it's valid to look at the SP500 as a comparison.

See the screenshots below.

(I omitted the data from before the 1950's because of inaccurate data)

As seen on the screenshots below, the market crashed further in 4/7 occasions. This would make us believe that there's a decent probability for Bitcoin to make new lows. Let's assume that Bitcoin will bottom out 20% below the current lows, it would take us to a price of around $12.500, which has very often been mentioned by bears as the bottom of this cycle.

Are we going to make new lows? Is the death cross real? Share your thoughts🙏