According to a popular market analyst, the fact that BTC was unable to reach new highs in 80 days means that we could already enter the bear market.
According to the analyst, we could already enter the bearish phase
Pseudonymous analyst ‚Mr. Whale “said that current developments indicate that the bear market is in imminent danger.
In a tweet yesterday, the analyst said that BTC’s inability to reach new highs in more than 80 days is “confirmation that the bull market is over.”
“We have never seen a correction in any bull market in BTC’s history for so long, and then we reached new highs in the same year.”
One respondent pointed out that during the bull run in 2013 there was a seven-month window where BTC recorded a sharp drop of about 70-80% compared to the previous maximum. This happened before the peak of $ 1,000 in the finals at the end of this cycle.
Others have noted that this cycle differs from the previous ones due to all the other factors in the game.
The primary cryptocurrency has now been consolidating for more than six weeks, which means that another major movement is approaching. The graph suggests that Mr. Whale wouldn’t be wrong in his assumption.
Is the migration of miners good or bad news?
In the last few cycles, there have been various interventions against miners or banks, and this has provoked FUD, but in a country that controlled more than 65% of the hashrat, there has never been a total ban on cryptocurrency mining.
Many observers in the sector see this as an overall positive thing, as it diversifies the hashrate from the authoritarian regime in China. Mining operations can migrate to cryptocurrency-friendly jurisdictions and use renewable energy, which is another positive aspect.
In its weekly report, on-chain analytics provider Glassnode revealed that the entire BTC network is adapting to a hashrate decline as miners in China shut down their kits.
The BTC hashrate continues to decline and, according to Bitinfocharts, is currently 76.7 EH / s. This represents a decrease of 55% compared to its ATH in mid-May 171 EH / s.
BTC itself traded for $ 34,150 at the time of writing and added 1% in 24 hours. However, the overall trend remains downward as the asset continues to reach lower highs and lower lows. To break it, BTC would have to overcome resistance at $ 37,000 in the short term. If that didn’t happen, he could fall under $ 32,000.