Bitcoin weekly chart shows the first golden cross, indicating a bull market?

According to CoinDesk, the 50-week simple moving average (SMA) on the weekly chart of Bitcoin (BTC) has crossed above the 200-week SMA, forming a golden cross. Golden crosses and death crosses are indicators used by market enthusiasts to predict asset price movements. The golden cross is considered a signal for future bull markets. However, this bullish interpretation may be questioned because moving averages are based on past data and often lag behind prices. In other words, moving averages represent past conditions, and the first golden cross on the weekly chart of Bitcoin is a result of Bitcoin's rise of over 70% to $42,700 within four months. Therefore, experienced traders consider crosses as lagging indicators that often align with trend exhaustion. For example, the confirmed death cross on the weekly chart in early 2023 marked the bottom of a bear market. Golden crosses and death crosses on the daily chart of Bitcoin have shown inconsistent predictions for bullish and bearish trends. The upward momentum of Bitcoin has stalled as cryptocurrencies dropped 10% from near $49,000 since last Thursday when trading began for eleven exchange-traded funds (ETFs) in the United States. Observers believe that weakening bullish momentum is due to early ETF inflows not meeting market expectations.