Jamie CouttsChief crypto analyst for Real Vision, has revealed an indicator that shows a bullish outlook on Bitcoin (BTC). This indicator shows that the crypto analyst Some have suggested that there could already be a change in the future for this flagship cryptocurrency.
Bitcoin hashrate decline is slowing down
Coutts is mentioned on X (formerly Twitter). post The following are some examples of how to use Bitcoin’s hash rate The decline has slowed, according to him, and this usually happens before the bottom ad reverse of the bearish crossed, as happened following the halving. However, he warned that the halving event could be a precursor to reversal of the bearish cross. bullish reversal Still depends on a “stabilization in the downtrend.”
Related Reading
Crypto analyst noted the difference in percentage between 30-day and 90-day averages is similar to previous contractions of hash rates and not as drastic as post 2020 halving. The slowdown of Bitcoin’s decline in hash rates is important because it indicates that miners’ capitulation It may end soon.
Willy W., the Crypto Expert previously mentioned When the market recovers “weak miners die, and hash rate recovers.” He explained further that the less efficient miners would be forced to file for bankruptcy, while others will need to upgrade their equipment.
Cryptoquant’s CEO Ki Young Ju Has provided insight as to when the miners capitulation could end. He has provided insights into when this miners’ capitulation might end. stated The crypto founder revealed that the current value of 72% is the typical end point when it reaches 40%. Crypto founder revealed further that the current value is 72%. He suggested that it may still be a few months before miner’s stop selling their reserve.
Ki Young Ju warned market participants that the crypto markets would be boring for a while. next He advised them to stay bullish for the long-term but avoid excessive risk. He advised them to be long-term optimistic but to avoid taking excessive risks. Crypto analysts like Mikybull Crypto Bitcoin is also bullish in the long term, as it is far away from reaching its bull market high.
The market is still recovering from the supply overhang
Coutts stated that the supply-side overhang is still present and the market has not recovered. It is in reference to the selling pressure Bitcoin seen as a success German governmentThe market has now been flooded with nearly 50,000 BTC. This could mean that it will take some time for the Bitcoin market to absorb this supply.
Related Reading
Coutts believes that this negative selling pressure on the market has been a result of Coutts stated Distributions German government sales The following are some examples of how to get started: Mt. Gox reserves Remove the stains with our help “annoying supply overhang.” This would be achieved by distributing the coins to more holders. In turn, this would help grow the Bitcoin blockchain and give the crypto a better future than ever before.
Bitcoin was trading around $58,300 at the time this article was written, an increase of over 2% within the past 24 hours. data CoinMarketCap.
Featured image was created with Dall.E chart, from Tradingview.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com