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Viewpoint: Bitcoin hashrate drops to December 2022 levels, indicating that prices may have bottomed

According to Golden Finance, based on CryptoQuant data and analyst views, Bitcoin hashrate has dropped to its lowest level since the FTX crash in December 2022, currently at -7.6%, indicating that Bitcoin prices may have bottomed. Other indicators such as exchange reserves and miner position indexes also show low selling pressure, supporting the view of a market bottom.

Capriole founder Charles Edwards pointed out that the Bitcoin hashrate band indicator sends a buy signal. Market analyst Will Woo believes that the market will not hit new highs before weak miners shut down operations. Miner withdrawals fell by 90% after the halving, further reducing selling pressure. Cantor Fitzgerald warned that after the 2024 halving, 11 mining companies such as Marathon Digital may face the risk of unprofitability due to high costs and low rewards.

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