{"id":629640,"date":"2024-07-14T01:30:32","date_gmt":"2024-07-14T01:30:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=629640"},"modified":"2024-07-13T10:55:21","modified_gmt":"2024-07-13T10:55:21","slug":"bullish-bitcoin-indicator-returned","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bullish-bitcoin-indicator-returned\/","title":{"rendered":"Bullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000 Possible?"},"content":{"rendered":"

Jamie Coutts<\/span><\/a>, the chief crypto analyst at Real Vision, has highlighted an indicator that paints a bullish picture for Bitcoin (BTC). Based on this indicator, the <\/span>crypto analyst<\/span><\/a> suggested that a reversal might already be on the horizon for the flagship crypto.\u00a0<\/span><\/p>\n

Bitcoin Hashrate Decline Is Slowing<\/h2>\n

Coutts mentioned in an X (formerly Twitter) <\/span>post<\/span><\/a> that <\/span>Bitcoin\u2019s hash rate<\/span><\/a> decline is slowing, which he noted usually precedes a bottom ad reversal of the bearish cross, which happened after the halving event. He, however, warned that a <\/span>bullish reversal<\/span><\/a> still depends on a \u201cstabilization in the downtrend.\u201d<\/span><\/p>\n

Related Reading: Analyst Predicts 2,750% Celestia (TIA) Price Explosion To $188, Here\u2019s The Roadmap<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

The crypto analyst further noted that the percentage difference between the 30- and 90-day moving averages aligns with previous hash rate contractions and isn\u2019t as severe as the post-2020 halving. A slowdown in Bitcoin\u2019s hash rate decline is significant because it suggests that <\/span>miners\u2019 capitulation<\/span><\/a> may be ending soon.\u00a0<\/span><\/p>\n

Crypto expert Willy Woo <\/span>previously mentioned<\/span><\/a> that the market will recover when \u201cweak miners die, and hash rate recovers.\u201d He further explained that inefficient miners will have to go into bankruptcy while other miners are forced to purchase more efficient hardware.<\/span><\/p>\n

Cryptoquant\u2019s CEO Ki Young Ju<\/span><\/a> has provided insights into when this miners\u2019 capitulation might end. He <\/span>stated<\/span><\/a> that it usually ends when the daily average mined value is 40% of the yearly average. The crypto founder further revealed that it is currently at 72%, suggesting that it could still take a while before miners eventually cool off on offloading their reserves.\u00a0<\/span><\/p>\n

Ki Young Ju told market participants to expect the crypto markets to be dull for the next two to three months. He urged them to stay long-term bullish but avoid excessive risk. <\/span>Crypto analysts like Mikybull Crypto<\/span><\/a> have also assured that Bitcoin\u2019s long-term outlook is bullish as the flagship crypto is still far from its bull market peak.\u00a0<\/span><\/p>\n

Market Still Recovering From Supply Overhang<\/h2>\n

Coutts also mentioned that the market is still recovering from the supply overhang. This is in relation to the <\/span>selling pressure<\/span><\/a> that Bitcoin experienced thanks to the <\/span>German government<\/span><\/a>, which offloaded nearly 50,000 BTC on the market. As such, it could take a while for the market to suck up this Bitcoin supply.\u00a0<\/span><\/p>\n

Related Reading: Market Strategist Predicts 32% Stock Market Crash, How Will This Affect Crypto?<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

While this selling pressure has negatively impacted the market, Coutts <\/span>stated<\/span><\/a> that the distributions of the <\/span>German government sales<\/span><\/a> and <\/span>Mt. Gox reserves<\/span><\/a> can help remove the \u201cannoying supply overhang.\u201d The analyst noted that this would happen through distributing these coins to a wider array of holders, which would, in turn, grow the Bitcoin network and leave the flagship crypto even better off than before.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $58,300, up over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price holding above $58,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Jamie Coutts, the chief crypto analyst at Real Vision, has highlighted an indicator that paints a bullish picture for Bitcoin (BTC). Based on this indicator, the crypto analyst suggested that a reversal might already be on the horizon for the flagship crypto.\u00a0 Bitcoin Hashrate Decline Is Slowing Coutts mentioned in an X (formerly Twitter) post that Bitcoin\u2019s hash rate decline is slowing, which he noted usually precedes a bottom ad reversal of the bearish cross, which happened after the halving event. He, however, warned that a bullish reversal still depends on a \u201cstabilization in the downtrend.\u201d Related Reading: Analyst Predicts 2,750% Celestia (TIA) Price Explosion To $188, Here\u2019s The Roadmap The crypto analyst further noted that the percentage difference between the 30- and 90-day moving averages aligns with previous hash rate contractions and isn\u2019t as severe as the post-2020 halving. A slowdown in Bitcoin\u2019s hash rate decline is significant because it suggests that miners\u2019 capitulation may be ending soon.\u00a0 Crypto expert Willy Woo previously mentioned that the market will recover when \u201cweak miners die, and hash rate recovers.\u201d He further explained that inefficient miners will have to go into bankruptcy while other miners are forced to purchase more efficient hardware. Cryptoquant\u2019s CEO Ki Young Ju has provided insights into when this miners\u2019 capitulation might end. He stated that it usually ends when the daily average mined value is 40% of the yearly average. The crypto founder further revealed that it is currently at 72%, suggesting that it could still take a while before miners eventually cool off on offloading their reserves.\u00a0 Ki Young Ju told market participants to expect the crypto markets to be dull for the next two to three months. He urged them to stay long-term bullish but avoid excessive risk. Crypto analysts like Mikybull Crypto have also assured that Bitcoin\u2019s long-term outlook is bullish as the flagship crypto is still far from its bull market peak.\u00a0 Market Still Recovering From Supply Overhang Coutts also mentioned that the market is still recovering from the supply overhang. This is in relation to the selling pressure that Bitcoin experienced thanks to the German government, which offloaded nearly 50,000 BTC on the market. As such, it could take a while for the market to suck up this Bitcoin supply.\u00a0 Related Reading: Market Strategist Predicts 32% Stock Market Crash, How Will This Affect Crypto? While this selling pressure has negatively impacted the market, Coutts stated that the distributions of the German government sales and Mt. Gox reserves can help remove the \u201cannoying supply overhang.\u201d The analyst noted that this would happen through distributing these coins to a wider array of holders, which would, in turn, grow the Bitcoin network and leave the flagship crypto even better off than before.\u00a0 At the time of writing, Bitcoin is trading at around $58,300, up over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":629652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-629640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000 Possible?<\/title>\n<meta name=\"description\" content=\"Jamie Coutts, the chief crypto analyst at Real Vision, has highlighted an indicator that paints a bullish picture for Bitcoin (BTC).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000 Possible?","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bullish-bitcoin-indicator-returned\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bullish-bitcoin-indicator-returned\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin-price-5.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin-price-5.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-07-14T01:30:32Z","datePublished":"2024-07-14T01:30:32Z","dateModified":"2024-07-14T01:30:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000 Possible?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bullish-bitcoin-indicator-returned\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bullish-bitcoin-indicator-returned\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-price-5.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-price-5.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-07-14T01:30:32Z\",\"datePublished\":\"2024-07-14T01:30:32Z\",\"dateModified\":\"2024-07-14T01:30:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin-price-5.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/629640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=629640"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/629640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/629652"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=629640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=629640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=629640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}