Bitcoin (BTC) Price Bottoms Out, Bull Run Is Not Over, CryptoQuant Analyst Claims

Bitcoin (BTC) price is yet to trade above crucial levels amid speculations of the bull run season coming to an end.

However, CryptoQuant analyst Woominkyu claims that the price of Bitcoin is bottoming out, and the bull run is not over yet.

The analyst compared Bitcoin’s current trend to past performance when the hash price plummeted.

Hash Price Bottoming Out

In a recent CryptoQuant Quicktake post, analyst Woominkyu shared an interesting chart that showed the correlation between Bitcoin price and hash price.

最近の暗号化されたQuicktakeの投稿で、アナリストのWoominkyuは、ビットコインの価格とハッシュ価格の相関関係を示す興味深いチャートを共有しました。

The chart pointed to a declining hash price, which coincides with the bottom of Bitcoin prices.

The analyst noted that periods of lower hash prices have historically aligned with the bottoms of Bitcoin prices.

Taking past performance into account, he suggests that Bitcoin’s price is nearing a bottom, aligning with the current low hash price.

Hash price is a critical metric that represents the earnings a miner can expect for each exahash of computing power contributed to the Bitcoin network.

ハッシュ価格は、ビットコインネットワークに貢献したコンピューティングパワーのエクサハッシュごとに鉱山労働者が期待できる収益を表す重要な指標です。

The value is calculated by dividing the daily mining revenue by the total network hash rate.

When the hash price is low, miners generate less revenue for the same amount of computational work. This is primarily due to reduced transaction fees or a lower Bitcoin price.

ハッシュ価格が低い場合、鉱夫は同じ量の計算作業に対して収益が少なくなります。これは主に、取引手数料の削減またはビットコイン価格の低下によるものです。

Thus, the recent low hash prices suggest increased competition among miners, resulting in the overall reduced profitability of mining.

State Of The Bitcoin Ecosystem

Although Bitcoin has slightly recovered from today’s morning trading session, the price is still below the $90,000 mark.

BTC price was trading at $84,534, down 0.6% over the previous day and 14% in the past week.

BTC価格は84,534ドルで、前日は0.6％、過去1週間で14％減少していました。

However, the daily trading volume increased by 25% to $66.5 billion, indicating renewed interest from investors.

Meanwhile, the Bitcoin price prediction sentiment is bearish, while the Fear & Greed Index shows Extreme Fear at 10.

The recent BTC price decline stems from whale movement and low sentiments in the spot ETF market.

CryptoQuant CEO Ki Young Ju recently highlighted that Coinbase whales are making bold Bitcoin moves. Notably, strong activity from whales often indicates that holders are preparing to sell or move funds due to high volatility.

In recent weeks, persistent outflows from the spot Bitcoin Exchange-Traded Fund (ETF) have also contributed to declining prices. On Wednesday, February 26, the ETFs saw outflows reaching $754.6 million, per Farside Investors data.

ここ数週間で、スポットビットコインエクスチェンジ取引ファンド（ETF）からの持続的な流出も価格の低下に貢献しています。 2月26日水曜日に、ETFSは、ファーサイド投資家のデータごとに7億5,460万ドルに達しました。

Bitcoin Price Forecast

ビットコイン価格予測

The price of BTC may have set a local resistance of $86,000 on the hourly chart. Bears may resurface if the daily bar closes far from this resistance, leading to BTC dropping to the $85,000 range.

As a result, bulls will need to restore the rate above $90,000 if they want to get back in the game.

Until this happens, bears might keep controlling the market situation. A weekly closure below the $89,392 level in the mid-term could see BTC plummeting to the $80,000 area.

これが起こるまで、ベアーズは市場の状況を制御し続けるかもしれません。中期の89,392ドルのレベルを下回る週ごとの閉鎖により、BTCは80,000ドルのエリアに急落する可能性があります。

However, technical analysis recently revealed a bull flag formation, a pattern that many analysts view as a precursor to rising prices. A weekly candlestick close above $101,800 would confirm the formation and set the stage for a major rally.