Key Insights
- Bitcoin price dragged to the $80k mark, conveying bearishness.
- With a lower BTC hash rate, analysts believe the price has also bottomed out, hinting at a rebound move.
Bitcoin (BTC) price remained the leading cryptocurrency in market value. On the other hand, speculators debate whether its bullish trend has reached its final stage.
However, CryptoQuant analyst Woominkyu claims that the Bitcoin price was bottoming out, and the bull run is not over. The analyst compared Bitcoin’s current trend to past performance when the hash price plummeted.
At press time, BTC price was trading at $80,1300, noting an intraday decline of over 7.10%. Its market cap stood at $1.58 Trillion, and its trading volume rose by over 12% in the past 24 hours.
Bitcoin Mining Hash Insights: What the Data Reveals
Woominkyu highlighted a CryptoQuant Quicktake post that presented a chart tracking BTC and hash price connection. The chart indicated hash prices were descending as Bitcoin reached its lowest points.
Historical research demonstrates that periods of lower hash prices occur during the Bitcoin price bottom phase. Based on previous market movements, Woominkyu indicated that BTC price levels may have reached their lowest point.
This might be noticed when the hash price continues to fall. Hash price is a crucial indicator in the cryptocurrency mining industry. It represents the earnings a miner can expect for each exahash (EH/s) computing power contributed to the Bitcoin network.
Hash price calculation determines the daily mining revenue by dividing it by the total network hash rate. A low hash rate condition decreases mining revenue even though miners perform the same computational task.
The primary factors causing lower hash prices are lower transaction fees and a decrease in Bitcoin’s market value. The low hash prices demonstrate rising competition among miners, reducing mining profits across the board.
No Bear Market in Sight: CryptoQuant CEO Stays Bullish
CryptoQuant CEO Ki Young Ju predicted that the current market conditions refute the possibility of a bear market emerging. According to him, Bitcoin price will rise steadily during the next period of time.
According to Ki Young Ju, Bitcoin will see an extended price growth that could stretch until 2025. The on-chain indicators sit between bullish and bearish territory. Yet, Ju believes the current bull trend will continue into the future.
While analyzing BTC price dynamics, Ju pointed out the appearance of its previous biennial cycle. His analysis indicated that rising Bitcoin prices may continue through April 2025.
According to his predictions, Bitcoin would experience its most extended upward trend in history. This would lead prices to new all-time highs.
Bitcoin Price Prediction: Is a Rebound Imminent?
The price massively declined to $80K within the past few sessions. Amidst this, Bitcoin price has fallen below the key moving averages and looks oversold on the chart.
Factors, including global economic uncertainties and a potential tariff war between major countries, triggered the sharp decline.
However, BTC price could see a rebound ahead. However, investors should keep an eye on $76K as an immediate support zone.
A panic selloff toward $70K is likely if it falls below that level. In the event of a good bounce, Bitcoin price may retest the $85K level in the following sessions.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
