Bitcoin (BTC) Might Already Be in the Beginning Stages of Its Next Major Rally

Bitcoin is currently in a buy opportunity, according to CryptoQuant analyst Woominkyu. The analyst made a bullish case for the cryptocurrency

As the Bitcoin [BTC] price drops back below $60,000, you may be wondering if there is a buying opportunity now, especially considering its weakness above this key price point.

According to CryptoQuant analyst Woominkyu, Bitcoin currently presents a buying opportunity. The analyst put forward a bullish scenario for the cryptocurrency using the Bitcoin hash price that shows miner profitability.

Woominkyu's analysis shows that the hash price can be used as a bullish signal. A comparison of Bitcoin bottoms shows that the hash price at the bottom of its trend could signal upcoming bullish opportunities.

Bitcoin hash price has recently fallen to its lowest historical levels. This situation coincided with the last downward movement of BTC, especially at the beginning of August.

If this analysis is correct, it shows that Bitcoin may be in the beginning stages of its next big rally. It also shows that recent pullbacks may be the best savings opportunities at discounted levels.

On the other hand, decentralized mining pool operator Loka Mining plans to introduce new measures that could prevent or facilitate miner capitulation.

According to CEO Andy Fajar Handika, the company will finance growth and short-term needs using futures mining contracts.

The goal is reportedly to offset some of the pressures miners face due to decreasing block rewards and high operating costs.

How does Bitcoin mining affect demand?

Bitcoin has so far shown healthy demand below the $60,000 price level. Other statistics regarding the miner also point to a favorable sentiment for a positive bullish trend.

For example, miner reserves were at their highest levels in the last six weeks. Rising miner reserves indicate that miners are holding onto their coins in anticipation of higher prices. We also observed the highest increase in coin days in August.

The second highest increase during the month occurred at the peak of the decrease that occurred at the beginning of the month.

Read Bitcoin [BTC] Price Forecast 2024-2025

Previous increases in coin days were observed before a major price movement. This suggests that Bitcoin may be on the verge of another highly volatile move up or down.

However, the above observations indicate the possibility of a higher rise. However, considering that there is still a reasonable level of uncertainty in the market, investors need to proceed with caution.

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