Analysts Say Now Is the Time to Re-Accumulate Bitcoin—Here’s Why

Bitcoin (BTC), after briefly reclaiming the $61,000 price mark yesterday has now fallen below it continuing its bearishness as of today. Amid this negative price action, the asset’s hash price, a key metric reflecting miners’ profitability, has reached historically low levels. According to a recent analysis by Woominkyu, a CryptoQuant analyst, this significant drop in hash price might signal a prime buying opportunity for investors. Related Reading: Bitcoin Reclaims $61,000: Key Levels To Watch For Continuous Surge Understanding The Hash Price And Its Relation To Buying Opportunity Woominkyu revealed in his analysis that the hash price, which measures the relationship between Bitcoin’s price and the revenue miners generate per unit of computational power, has shown a consistent pattern. When this metric falls to lower levels, it often coincides with Bitcoin’s price bottoming out. Woominkyu’s further shared a chart highlighting that the blue-shaded sections on the chart represent periods where the hash price dipped, corresponding to times when Bitcoin’s price was at or near its lowest points. The historical data suggests that these periods have been followed by significant price recoveries. Woominkyu believes that the current low hash price could indicate that Bitcoin is near a bottom, presenting a potential buying opportunity for long-term investors. Lowest Bitcoin Hash Price Indicating the Buy Opportunity “The highlighted sections in the chart indicate periods where the Hash Price dropped to lower levels, corresponding to times when #Bitcoin prices were also at or near their lowest points.” – By @Woo_Minkyu Link

Aug 31, 2024 - 06:00

Analysts Say Now Is the Time to Re-Accumulate Bitcoin—Here’s Why

Bitcoin (BTC), after briefly reclaiming the $61,000 price mark yesterday has now fallen below it continuing its bearishness as of today. Amid this negative price action, the asset’s hash price, a key metric reflecting miners’ profitability, has reached historically low levels.

According to a recent analysis by Woominkyu, a CryptoQuant analyst, this significant drop in hash price might signal a prime buying opportunity for investors.

Understanding The Hash Price And Its Relation To Buying Opportunity

Woominkyu revealed in his analysis that the hash price, which measures the relationship between Bitcoin’s price and the revenue miners generate per unit of computational power, has shown a consistent pattern. When this metric falls to lower levels, it often coincides with Bitcoin’s price bottoming out. Bitcoin price and hash price.

Woominkyu’s further shared a chart highlighting that the blue-shaded sections on the chart represent periods where the hash price dipped, corresponding to times when Bitcoin’s price was at or near its lowest points.

The historical data suggests that these periods have been followed by significant price recoveries. Woominkyu believes that the current low hash price could indicate that Bitcoin is near a bottom, presenting a potential buying opportunity for long-term investors.

Lowest Bitcoin Hash Price Indicating the Buy Opportunity
“The highlighted sections in the chart indicate periods where the Hash Price dropped to lower levels, corresponding to times when #Bitcoin prices were also at or near their lowest points.” – By @Woo_Minkyu
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