Critical Bitcoin Metric Shows Potential Market Turnaround
Jamie Coutts from Real Vision highlights a critical Bitcoin (BTC) indicator showing positive signs again.
The slowing decline in Bitcoin’s hashrate, a measure of the network’s processing power, often signals a potential momentum shift for Bitcoin.
Coutts emphasizes that this prediction hinges on the stabilization of BTC’s hashrate decline.
Observing that #Bitcoin ‘s hashrate decline is slowing, which typically precedes a bottom and reversal of the bearish cross post-May halving.
However, this is predicated on a stabilization in the downtrend. The market is still digesting the supply overhang.
Notably, the %… pic.twitter.com/1Xyb8MHBNn
— Jamie Coutts CMT (@Jamie1Coutts) July 11, 2024
He notes that the current gap between the 30 and 90-day moving averages of the hashrate mirrors previous contractions but is less severe than after the 2020 halving.
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BREAKING: Germany Sells Off All of its Bitcoin HoldingsRegarding the impact of Bitcoin sales from the defunct exchange Mt. Gox, Coutts acknowledges short-term price pain but sees long-term benefits.
The release of Mt. Gox reserves and government sales alleviates the supply overhang, distributing coins to a broader base of holders and strengthening the network.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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