Historical events are taking place in the Bitcoin market. Bitcoin’s hash rate has recently experienced sharp drops after pressure from China. The mining difficulty of the Bitcoin network, on the other hand, saw a historic drop, taking into account the recent drop in hash rate. Cryptocoin. com, this last difficulty setting was the largest in its history. Of course, the Bitcoin price was affected by these events.
The BTC network suffered its biggest ever difficulty drop of around 28% yesterday. Following these developments, a master analyst emphasizes the connection between Bitcoin price and hash rate. The analyst states that the decline will continue until the end of October. Let’s look at the analyst’s predictions together…
Timothy Peterson: Bitcoin price will drop and hit the bottom by this date!
There are historical moments in Bitcoin metrics. Hash rate and the network’s mining difficulty have seen historic drops. In addition, BTC whale accumulation is increasing rapidly. The Puell Signal indicator also gives the buy signal, which is seen only 5 times in history. However, despite some positive developments, an analyst expects a further decline in the market. Cryptocurrency analyst Timothy Peterson ,Factually predicted that in July, the price of Bitcoin would exceed $10,000 with a 90 percent probability.
This analyst is now interpreting the BTC market in the light of recent events. In a series of tweets on July 2, veteran analyst Timothy Peterson cited the midway interest in Bitcoin price and hash rate as controversial proof that the decline is not over. Timothy Peterson suggests that BTC will not hit the bottom until October. Timothy Peterson adds the following to his comments on the matter:
When P/P(h) = 1, the Bitcoin price is corrected. Based on the current trend in P(h), this bubble will collapse by October 31st. The rate includes a random combination of a higher hash rate and a lower price. The increased hash rate and stable price are also solving the bubble.
Bitcoin whales see sharp increase in savings!
Bitcoin continues its consolidation below $36,000. However, according to the latest information, whale addresses holding 1k-10k BTC have recorded a sharp rise, indicating a significant increase. Some experts see this accumulation of whales as a bullish sign.
Bitcoin (BTC) price and detailed market information here you can see. Cryptocoin. com
As we previously reported , for more Bitcoin price news “Only Seen 5 Times in Bitcoin History! What Do Whales Do?” You can review our article.
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