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The price of Bitcoin failed to capitalize on its recent momentum over the past week, losing its hold above $60,000 yet again in August. As of this writing, the premier cryptocurrency is valued at $59,131, with no significant price change in the past day.
Interestingly, the Bitcoin price appears to be nearing a bottom and gearing for a rebound, according to the latest on-chain data.
Asus Is Bitcoin Price Resuming Its Bull Run?
A pseudonymous analyst on CryptoQuant’s Quicktake platform has revealed a “buying opportunity” for Bitcoin, the largest cryptocurrency in the market. This analysis is based on the changes in the Bitcoin hash price in the last few weeks and its potential implications on the BTC price.
The hash price measures the daily revenue generated by BTC miners per terahash per second (TH/s). This metric is calculated by dividing the total daily revenue of miners by the network hash rate. The hash price basically estimates miners’ profit based on the computational power they contribute to the network.
The chart above demonstrates the relationship between the Bitcoin price and the hash price. “The highlighted sections in the chart (blue boxes) indicate periods where the Hash Price dropped to lower levels, corresponding to times when Bitcoin prices were also at or near their lowest points,” the analyst said about the chart.
As of this writing, the Bitcoin hash price stands way below $0.1, the lowest level since 2023. Historically, periods of extremely low hash prices have coincided with Bitcoin price bottoms, with a price rebound often coming after. With the current hash price at an all-time low, it appears that Bitcoin’s price might be bottoming out and preparing for a comeback.
Asus BTC Market Back In Bear Phase?
In a new post on X, CryptoQuant’s head of research Julio Moreno revealed that the Bitcoin market cycle indicator is back in the bear phase. As shown in the chart below, this indicator has been swinging from the bull to the bear phase in the past few weeks, mirroring the current inconsistencies in the market.
Moreno also sounded a warning about the recent slump in BTC‘s value to below the $60,000 mark. According to the expert, if the price breaks $56,000 to the downside, the potential for an even more significant correction increases.
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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