Is the Bitcoin bull run only “Don’t Trust” during the market cycle phase?
Bitcoin (BTC) peaking at $ 64,500 means this bull market is like no other in history, argued one commentator.
In one tweet On July 2nd, Nuggets News founder and CEO Alex Saunders used a classic Wall Street model to suggest that BTC price is far from its macro peak.
No Bitcoin bull run ends in “skepticism”
Bitcoin has so far failed to break the resistance at $ 40,000 and has fallen 50% below its recent all-time high.
With ongoing fear driving market sentiment, many fear that upward momentum will not be able to compete with recent bearish price events.
One of these is the forced exodus of miners from China. Since it will take months for the hash rate to recover, even the most established Bitcoin pricing models are reaching their limits.
For Saunders, however, China’s “destroy” move on Bitcoin health has not produced the expected results.
“In 9 years I have never seen a bull market end in skepticism. The consensus is shallow and is falling again, ”he summarized.
“So China decided to kill people. It didn’t work out and that was her last asset. So expect them to try anything. You can’t beat the bull. “
Saunders refers to the classic market cycle pattern where “skepticism” precedes a significant rally in a given market. After a slight retreat from the macro high, “mistrust” signaled a resurgence even after a long period of loss.
His comment came like this new comment from the People’s Bank of China (PBoC) reiterated previous negative sentiment towards cryptocurrencies and warned banks not to allow transactions related to the industry.
Unlike last time, however, the news had little impact on Bitcoin’s price development.
The lowest hash rate could have been in
He’s not the only one who believes Bitcoin didn’t hit that halving high. He is supported by the stock-to-flow model developer PlanB, who is targeting a BTC / USD minimum price of 135,000 US dollars by the end of 2021.
As Cointelegraph reported earlier this week, there are already signs in the fundamentals of the Bitcoin network that China’s worst crackdown on mining is over.
The hash rate has rebounded from recent lows while difficulties are preoccupied with explaining the greatest restructuring of mining power Bitcoin has ever seen.
However, this could be even more difficult with the next correction in less than two weeks. Then the miner’s presence replenished due to increased profits will enable the network to automatically perform the balancing act.