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3 facts that give hope that we will soon see bullish times for Bitcoin again

 


The Bitcoin has once again lost extremely in value in the last 2 days. The cryptocurrency fell from $43,000 to below $36,000. Many investors now fear a “crypto winter” and a long bear market in 2022. However, these 3 facts give hope for bullish times.


1. Bitcoin RSI lowest since March 2020 – Extremely “oversold”

Bitcoin has been sold extremely frequently in recent weeks. This has a major impact on the relative strength index (RSI). This is currently the lowest it has been since March 2020. At that time, the start of the Corona Pandemic caused a sharp slump in the crypto market.


A low RSI indicates that bitcoin is extremely oversold. This raises hopes that the current Bitcoin price is far from representative of the value of the cryptocurrency. In the past, forecasts based on the RSI have always proven to be correct.


2. Similar course development as in the spring correction 

The bitcoin price has been falling continuously over the past 2 months. This course development is increasingly similar to the major correction in spring 2021 , when the course lost massively in value after the announcement of new mining bans in China.


At that time, the hash rate of Bitcoin also fell sharply. At the moment the fundamentals are much better and a trend reversal seems likely. Back then, too, we saw a sharp drop in price in mid-July before the bull run topped $63,000.


3. Bitcoin fundamentals remain good

As I indicated in the last section, Bitcoin fundamentals remain extremely strong. The hash rate is 192 extra hashes per second. The peak was in January at 218 EH/s. The hash rate is an estimate of the processing power of the miners for the blockchain.



The high hash rate exists despite an extremely increased difficulty in mining the Bitcoin blocks. The fact that the hash rate continues to rise despite the ever-increasing mining effort shows how strong the network still is and cannot be weakened by fluctuating prices. This suggests bullish times ahead.

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