Bitcoin ($BTC) has not yet reached the end of the ongoing bull market. As per a CryptoQuant analyst, Bitcoin is currently far from the end of its bull run as the Hash Price highlights its movement toward likely bottom. The analyst discussed the current Hash Price low of Bitcoin in a recent report.
Bitcoin’s Hash Price Declines, Underscoring Price Decrease to Bottom
Based on the analytics provided by the CryptoQuant analyst, Bitcoin’s Hash Price is considerably low. In line with the historical statistics, such price dips normally act as the onset of significant rebounds. Hence, the current decline in the Hash Price also indicates the possibility of a retrieval. The Hash Price gauges the revenue that the Bitcoin miners secure over each unit of their computing power. The respective metric has seen a decrease, reflecting former phases when Bitcoin stood at or was nearing price floor.
During the previous cycles, Bitcoin had found a bottom simultaneous to such Hash Price plunges, leading to an upward trajectory. In line with the latest market data, the former drops in Bitcoin’s Hash Price coincided with the downturns in the price. In this respect, the present situation seems to be going in the same direction. It reinforces the concept that the present price dip of Bitcoin may shortly reverse.
Likely Approaching Price Bottom Could Trigger Rebound
According to the CryptoQuant analyst, the current dip in Hash Price suggests a potential move toward Bitcoin’s price bottom. Thus, it could trigger a massive rebound just like the previous cycles. Keeping this in view, Bitcoin is far from the end of the ongoing bull run. Therefore, irrespective of the provisional corrections, Bitcoin’s wider market sentiment shows sustained long-term growth.
