Does the Bitcoin bull market only occur during the “unbelievable” phase of the market cycle?


Bitcoin (Bitcoin) Reaching $64,500 will mean that this bull market is different from any other bull market in history, one commentator believes.

in a tweet On Tuesday, Alex Sanders, the founder and CEO of Nuggets News, used the classic Wall Street paradigm to imply that the price of BTC was far from reaching its macro peak.

No Bitcoin bull market ends in “unbelievable”

So far, Bitcoin has failed to break through resistance even at a price of $40,000, which is 50% below its recent historical high.

Since fear is the driving force behind market sentiment, many people worry that the bullish momentum will not be able to compete with the recent bearish price events.

Chief among them is the forced relocation of miners out of China.with Months are about to pass Before the hash rate was restored, even the most tried-and-tested Bitcoin price model was Extend to their limits.

However, for Sanders, China’s “draconian” move on Bitcoin’s health has failed to produce the expected results.

“In 9 years, I have never seen a bull market end in an incredible way. The consensus is horizontal, and there is one leg,” he concluded.

“So China decided to make a big deal. It was useless, that was their last trump card. So expect them to try anything. You can’t beat the bulls.”

Sanders mentioned the classic market cycle paradigm, in which “suspicion” precedes dramatic price increases in a given market. After falling back from the macro high, “disbelief” also marked a reawakening after long-term losses.

His comment comes from Fresh comments The People’s Bank of China reiterated its previous negative sentiment towards cryptocurrencies and warned banks not to allow transactions related to the industry.

However, unlike the last time, the news has hardly any impact on Bitcoin price movements.

“Wall Street Cheat Sheet” graphics. Source: ritholtz.com

The bottom of the computing power may already be

He believes that Bitcoin has not reached a high point in this halving cycle. He is far more than alone.Supporting him is PlanB, the creator of the inventory-to-flow model, who is following a at the lowest limit By the end of 2021, the price of BTC/USD will be USD 135,000.

As Cointelegraph Report Earlier this week, the fundamentals of the Bitcoin network could already see signs that the worst hit by the Chinese mining industry has ended.

Hash rate has rebounded Recent lows, And difficulties are busy explaining Bitcoin’s largest mining rights reorganization in history.

Nonetheless, this may mean that in less than two weeks, the difficulty of the next readjustment will drop even more. Thereafter, the increased presence of miners due to increased profitability should allow the network to complete its automatic balancing behavior.

Bitcoin 7-day average hash rate estimation chart. Source: Blockchain.com