While the sharp declines in Bitcoin continue, the price dropped below 57 thousand dollars today. Singaporean crypto investment management firm QCP Capital compared the declines with 2022 and stated that the bottom may have now arrived.

QCP Capital, known for its reputation in Asian markets, compared the Bitcoin decline to the crypto crisis period in 2022. In the daily analysis published by the company today, it was stated that excessive sales pressure was seen and the level of 57 thousand dollars was reached for this reason.

“It looks like the 17 thousand dollar period in 2022”

In the analysis, it was stated that Bitcoin miners have now sold a large portion of their BTC, and historically, this indicates that bottom levels have been seen:

“Bitcoin miners now seem to have reached the end of the sell-off. Historically, this indicates that a bottom has been reached. "To make a comparison, the year 2022 (June), when Bitcoin dropped to 17 thousand dollars and the hash rate dropped significantly, can be given as an example."

As you may remember, the Terra LUNA collapse had a major impact on the declines in that period in 2022. The collapse of the Terra LUNA project in May caused the Bitcoin price to drop from 35 thousand dollars to 17 thousand dollars in approximately 1.5 months. At that time, miners sold tens of thousands of BTC.

Bitcoin price recovered later, but dropped to 15 thousand dollars in December of the same year with the FTX crisis.

“Futures markets are still optimistic”

QCP's report also stated that despite the sharp sales, futures markets are still optimistic:

“Despite the harsh sales in the crypto world, the positive stance of the futures markets also attracts attention. We see that investors' interest in Ethereum (ETH) call options for September and December is very high. So how can an upward break come?

  • BTC and ETH liquidation clusters in the futures markets are formed with an upward trend. This may initiate possible short position liquidations.

  • Approval of S-1 filings for Ether spot ETFs could also bring an upward jump in Ether.”

  • -Hakan Ateşler