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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Samuel Edyme
Samuel Edyme
9 months ago
3 mins read
Analysts Say Now Is the Time to Re-Accumulate Bitcoin—Here’s Why

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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.

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Bitcoin Reclaims $61,000: Key Levels To Watch For Continuous Surge

9 months ago

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.

Bitcoin price and hash price.
Bitcoin price and hash price. | Source: CryptoQuant

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.

Bitcoin Puell Multiple.
Bitcoin Puell Multiple. | Source: Moustache on X

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.

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9 months ago

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.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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