Bitcoin Price ‘Near a Bottom’ as Hash Price Echoes Pre-2021 Bull Run

Bitcoin hash price reflects the circumstances before the 2021 breakout to new all-time highs, suggesting a Bitcoin bottom.

In an August 30 Quicktake blog post, CryptoQuant claimed Bitcoin price movement may be bottoming.

The main trend shows that “historically, lower Hash Price periods have coincided with Bitcoin price bottoms.” This trend was seen in 2020 after the COVID-19 cross-market disaster.

Bitcoin's price and hashprice plummeted at this period. After the halving event, Bitcoin's price rose sharply, breaking out to new all-time highs.

Bitcoin miners accumulate: is price stabilizing?
CryptoQuant research suggests a turnaround based on miner activity. They seem to be collecting again after protracted outflows.

CryptoQuant CEO Ki Young Ju said a US mining industry growth shows durability earlier this month.

He said “miner capitulation is nearly over, with hash rate nearing all-time highs,” referring to Hash Ribbons' post-halving occurrences.

Ju said that US mining costs $43,000 per Bitcoin. He predicted a consistent hash rate assuming Bitcoin prices don't drop below this level.

This supports Bitcoin's price stabilizing and recovering in accordance with historical tendencies after miner capitulation.

When Will Bitcoin Rise?
Long-term Bitcoin metrics strengthen the optimistic narrative this month, but the crypto community debates the timing of the next leg of this bull cycle, particularly considering current market circumstances.

The Bitcoin halving may indicate the next boom. CryptoQuant CEO Ki Young Ju said on August 21 X that post-halving rallies usually begin in Q4 of each halving year.

Young Ju said that “whales won’t let Q4 be boring with a flat YoY performance,” predicting huge market moves at year's end.

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