![Bitcoin’s [BTC] bottom is not in yet; should you go short in 2023?](https://i.headtopics.com/images/2022/12/27/cryptoamb/bitcoin-s-btc-bottom-is-not-in-yet-should-you-go-s-bitcoin-s-btc-bottom-is-not-in-yet-should-you-go-s-1607746374035972099.webp)
Any further rally and subsequent drop in BTC’s hashrate will pull down its price. BTC market is not yet in the accumulation zone. Currently trading at its December 2020 price level, holders of the leading coin Bitcoin [BTC], might not be in the clear yet as on-chain assessments suggest a further decline in BTC’s price […]
BTC market is not yet in the accumulation zone.
Recently, after a prolonged decline in BTC’s hashrate, it peaked at 260 MH/s on 5 November. This led to a rally in BTC’s price as the king coin traded momentarily above the $20,000 price mark. According to Crypto sunmoon, “in the past, when the hash rate reached two peaks and decreased, bitcoin prices also decreased twice.” This suggested that the next rally in BTC’s hashrate, which is followed by a decline, would also lead to a further decline in BTC’s price.assessed BTC’s volume profile and accumulation trend and concluded that a further decline in the king coin’s value was imminent.
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