Bitcoin has come a long way since its inception. The crypto king traded for $ 10,000 a year ago and is currently hovering around the $ 44,000 mark after hitting an ATH near $ 65,000 in April this year. Needless to say, a lot has changed in that time. Bitcoin is not only being accepted by countries and financial institutions, but is also aiming for mass adoption.

BTC Price Chart | Source: Tradingview

Where is bitcoin now?

Popular trader Pentoshi analyzed the overall state of Bitcoin in a series of recent tweets. At the time of writing, Bitcoin is in the “early maturity” phase of the S-curve.

The source: Pentoshi

Return of Hodler Rick Astley

The first sign that helped BTC price was that it was about 35 days away from breaking the record for the longest bear period outside of a bear market. In addition, the return of Hodler’s Rick Astley now serves as a ray of hope for the crypto king. Analyst Willy Woo emphasized:

“Bitcoin has entered the never-give-up phase of the Astley cycle.”

Rick Astley’s buying habits | The source: Willy Woo

Hodler Rick Astley are basically strong keepers who never give up. Instead, they hold the coin and don’t let the balance go down. When bitcoin passed the $ 63,000 mark on April 13, many (including Woo) attributed it to the hodler Rick Astley.

Cumulative miners

Bitcoin miners appear to be piling up as the network’s hash power recovers nearly 55% from late June. In fact, the hashrate has hit many highs since the lower lows hit at that time. In addition, miners have been accumulating since February and this accumulation trend is the same as the previous ones at the beginning of the cycle.

One worrying trend, however, is the decline in Thermocap’s market cap. This ratio is calculated by dividing market capitalization by Thermocap and is used to measure whether the asset is currently trading at a premium to miners’ total safety spending. Prices are adjusted to meet the increasing circulating supply over time.

In particular, the market capitalization to Thermocap ratio has been falling since September 7th, meaning that BTC is currently trading at the lowest spread (relative to total miners’ safety spending) in its entire history.

Market capitalization to Thermocap | The source: Glass knot

However, when it comes to investing, for the time being, it is best to go with the trend and believe in the return of Rick Astley owners as well as the tendency of miners to accumulate. The last time Ricks joined in early July, BTC price consolidated and rebounded strongly. Since the market looks uncertain at the moment and decisions in a certain direction are not ideal, a continuation of HODL would be the best solution.

What can we expect in the next 12 months?

Analyst Pentoshi has announced what’s next for Bitcoin next year. First of all, on the question of application, he emphasized:

“I think it’s important to understand the true extent of the scarcity when it comes to launching next year. Scarcity is programmed on purpose, and for the next year people will riot. Institutions buy their coins. ”

Pentoshi continues to forecast a bullish scenario for the biggest coin.

“In the next year there will be 1 to 3 countries that accept Bitcoin. Twitter not only integrated it, but also included it in its balance sheet. Many approved Exchange Traded Funds (ETFs) give all companies access to BTC. 10 listed companies will be added next year, more than this year. ”

However, some adjustments are certainly inevitable. He sees $ 37,000 as a potential low, like Bitcoin magazine reported.

He also added that “we can expect more ETFs to be approved”.

Will the negative news from China destroy this building process?

Since 2009, China and Hong Kong have “banned” or caused FUD in the crypto space on 19 separate occasions, and it doesn’t seem to stop. Bitcoin Magazine reported that the September 2017 announcement of the “ban” caused Bitcoin to crash, but recover to its original levels in a matter of weeks and hit a new all-time high of $ 20,000 in less than a year. Although the “weak hands” liquidated assets out of fear, the strong HODLers still did not shrink back.

The same thing happened in September 2017. China said it was banning it #Bitcoin and it went down by over 30%. but #BTC recovered fully in a few weeks and then hit new all-time highs in December of that year.

As the saying goes: “History does not repeat itself, but it rhymes” pic.twitter.com/Xi8euPK916

– John Satoshi Wick (@JohnSatoshiWick) September 24, 2021

“The same thing happened in September 2017. China says it bans Bitcoin and it has fallen more than 30%. However, BTC made a full recovery within a few weeks and hit a new all-time high in December of that year. History does not repeat itself completely, but it certainly rhymes. “

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Minh Anh

According to AZCoin News

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