crypto-top-layer-1-networks/” rel=”nofollow”>Jamie CouttsReal Vision's lead cryptocurrency analyst has highlighted an indicator that paints a bullish picture for bitcoin (btc). According to this indicator, crypto-2x-faster-than-internet/” rel=”nofollow”>crypto analyst suggested that a reversal could already be on the horizon for the flagship cryptocurrency.
bitcoin hashrate decline is slowing down
Coutts mentioned in an x (formerly twitter) x.com/Jamie1Coutts/status/1811218427438416044″ rel=”nofollow”>mail that bitcoin-hashrate-plunges-to-lowest-price-bearish/#:~:text=The%20%E2%80%9Cmining%20hashrate%E2%80%9D%20refers%20to,the%20sentiment%20among%20the%20miners.” rel=”nofollow”>bitcoin Hash Rate The decline is slowing, which he noted usually precedes a retracement of the bottom and bearish cross, which occurred after the halving event. However, he cautioned that a bitcoin-bull-reversal/” rel=”nofollow”>bullish reversal It still depends on a “stabilisation of the downtrend”.
Related reading
The cryptocurrency analyst further noted that the percentage difference between the 30-day and 90-day moving averages aligns with previous hash rate contractions and is not as severe as the post-2020 halving. A slowdown in bitcoin's hash rate decline is significant because it suggests that bitcoin-miner-capitulation-continues-hash-ribbons/” rel=”nofollow”>capitulation of the miners It may end soon.
Cryptocurrency expert Willy Woo bitcoin-price-will-recover-again/#:~:text=Willy%20Woo%20mentioned%20in%20an,high%20costs%20go%20into%20bankruptcy.” rel=”nofollow”>previously mentioned that the market will recover when “weak miners die and the hash rate recovers.” He further explained that inefficient miners will have to declare bankruptcy, while other miners will be forced to buy more efficient hardware.
btc-move-price/” rel=”nofollow”>Ki Young Ju, CEO of Cryptoquant has provided information on when this capitulation of the miners could end. bitcoin-miner-capitulation/#:~:text=bitcoin%20Miners%20Are%20Still%20Capitulating&text=Usually%2C%20this%20end%20of%20capitulation,the%20time%20of%20the%20report.” rel=”nofollow”>fixed which typically ends when the average daily mined value is 40% of the annual average. The cryptocurrency’s founder further revealed that it is currently at 72%, suggesting that it could still be a while before miners finally stop selling their reserves.
Ki Young Ju warned market participants that cryptocurrency markets will remain stable for the next two to three months. He urged them to maintain a long-term bullish attitude, but to avoid excessive risk. bitcoin-dominance-bearish-wedge/” rel=”nofollow”>Cryptocurrency analysts like Mikybull crypto They have also assured that the long-term outlook for bitcoin is bullish as the flagship cryptocurrency is still far from its bull market peak.
The market is still recovering from the oversupply
Coutts also mentioned that the market is still recovering from the oversupply. This relates to the bitcoin-miner-hodler-selling-pressure-drying-data/” rel=”nofollow”>Selling pressure that bitcoin experienced thanks to the bitcoin-selling-spree-continues/” rel=”nofollow”>German Governmentwhich dumped almost 50,000 btc on the market. Therefore, it might take a while until the market absorbs this bitcoin supply.
Related reading
While this selling pressure has negatively impacted the market, Coutts x.com/Jamie1Coutts/status/1811195415502676283″ rel=”nofollow”>fixed that the distributions of the German government sales and bitcoin-down-mt-gox-distribution-spooks-investors/” rel=”nofollow”>Mt. Gox Reserves It can help eliminate the “pesky oversupply.” The analyst noted that this would happen by distributing these coins to a wider range of holders, which would, in turn, grow the bitcoin network and leave the flagship cryptocurrency in an even better position than before.
At the time of writing, bitcoin is trading around $58,300, up more than 2% in the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
