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Has the Bitcoin Bull Run Ended? Price May Be Approaching the End! - Coin Bulletin
The current data on (BTC) in Bitcoin may coincide with the times when the price hit bottom in the past, indicating that the price decline may be approaching its end.
CryptoQuant analyst pointed out the relationship between Bitcoin price and Hash Price (mining profitability), stating that historically, these low Hash Price periods coincide with the times when Bitcoin price hits bottom. The CryptoQuant analyst said that the current low Hash Price could indicate that Bitcoin price is approaching a bottom.
The Bitcoin price fell to $78,000 today, worrying investors. CryptoQuant analyst stated that the low levels of Hash Price generally mean that mining profitability has decreased and miners tend to sell their Bitcoins to cover costs. It is known that this situation increases selling pressure in the market, causing prices to fall.
CryptoQuant analyst pointed out that such periods coincide with times when Bitcoin hit bottom in the past, emphasizing that investors need to carefully monitor these signals. Especially with Bitcoin dropping to $78,000 with the recent price decline, these signals have become even more important.
Given the current market conditions and the decline in mining profitability, the analyst said the price could soon recover but investors need to act cautiously due to market uncertainty.