Analysts Say Now Is the Time to Re-Accumulate Bitcoin—Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	904,938,641	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

904,938,641

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.210	-0.34%	62.20	62.13	62.18

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.210

-0.34%

62.20

62.13

62.18

High Price	Low Price	Open Price	Prev. Close	52 Week Range
62.67	62.07	62.44	62.41	50.05 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

62.67

62.07

62.44

62.41

50.05 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:16:49	0.706000	62.20	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:16:49

0.706000

62.20

USD

Price x Volume	Volume	Base Symbol	Related Pairs
46,735.21	749.87	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

46,735.21

749.87

Analysts Say Now Is the Time to Re-Accumulate Bitcoin—Here’s Why

30/08/2024 10:30pm

NEWSBTC

Bitcoin (BTC), after briefly reclaiming the $61,000 price mark yesterday has now fallen below it continuing its bearishness as of today. Amid this negative price action, the asset’s hash price, a key metric reflecting miners’ profitability, has reached historically low levels. According to a recent analysis by Woominkyu, a CryptoQuant analyst, this significant drop in hash price might signal a prime buying opportunity for investors. Related Reading: Bitcoin Reclaims $61,000: Key Levels To Watch For Continuous Surge Understanding The Hash Price And Its Relation To Buying Opportunity Woominkyu revealed in his analysis that the hash price, which measures the relationship between Bitcoin’s price and the revenue miners generate per unit of computational power, has shown a consistent pattern. When this metric falls to lower levels, it often coincides with Bitcoin’s price bottoming out. Woominkyu’s further shared a chart highlighting that the blue-shaded sections on the chart represent periods where the hash price dipped, corresponding to times when Bitcoin’s price was at or near its lowest points. The historical data suggests that these periods have been followed by significant price recoveries. Woominkyu believes that the current low hash price could indicate that Bitcoin is near a bottom, presenting a potential buying opportunity for long-term investors. Lowest Bitcoin Hash Price Indicating the Buy Opportunity “The highlighted sections in the chart indicate periods where the Hash Price dropped to lower levels, corresponding to times when #Bitcoin prices were also at or near their lowest points.” – By @Woo_Minkyu Link 👇… pic.twitter.com/ZPf0cSTnNN — CryptoQuant.com (@cryptoquant_com) August 30, 2024 Another Analyst Points To Re-Accumulation Bitcoin Phase Echoing Woominkyu’s sentiment, another renowned crypto analyst known as Moustache shared insights on the Puell Multiple, a metric used to assess Bitcoin’s market cycles. The Puell Multiple, which compares the daily issuance of Bitcoin to its historical average, is currently at a level that Moustache believes offers the second-best “re-accumulation” opportunity since 2022. In a post uploaded on X earlier today, Moustache emphasized that Bitcoin’s current market position is comparable to previous significant periods in 2012, 2016, and 2020. Related Reading: Bitcoin’s Momentum at Risk? NVT Golden Cross Sends Warning Signals These were times when the market was primed for substantial upward movements following a phase of consolidation. #Bitcoin – The Puell Multiple I call it here: This is your second best chance after 2022 to re-accumulate before the next wave starts.$BTC is where it was in 2012, 2016 and 2020. Even if it doesn’t feel like it, I think we’ve some incredibly exciting months ahead of us. pic.twitter.com/lpVXQOXvtC — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) August 30, 2024 Moustache suggested that despite the current sentiment, the next few months could bring “incredibly exciting” developments for Bitcoin. Featured image created with DALL-E, Chart from TradingView

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