gigisulivan2023-02-23

Another ATH on BTC Hashrate warning of a very likely drop in price coming

You can see my previous post here, so I am not going to repeat the initial analysis. https://cryptoquant.com/quicktake/63d1d990110846729162a2d4-New-ATH-on-BTC-Hashrate-Bullish-or-Bearish After the last ATH, BTC eventually dropped 6.6% (smallest drop recorded, which suggests we are near the real exit from bear market for Bitcoin). Nothing spectacular, but proving yet again this is a valid warning signal. New Hashrate ATH from 16th of Feb, comes at a critical junction for Bitcoin, coming off 200 Weekly MA and its first weekly deathcross, with stock market weakening this all adds up to a bearish sentiment gaining strength. Looking at USDT dominance, it is still holding up at the last line of defense for bears, before I would gain stronger conviction we will not see a repeat of a 2015 scenario and in our case meaning a return to lows around 15-17k. I would expect next stronger move down to take Bitcoin at least to 21.5k and I would not be surprised if we go much lower than that, especially if we consider BTC being slightly overvalued vs stock market.