TomCrown

Bitcoin hash rate has no chill. After recovering from China’s mining ban, BTC has fully recovered and continues to set new all time highs. With price down, this shows an overwhelming demand and capital to back it, for securing the network. Bitcoin’s network has never been so strong. What to expect: Difficult adjustment should pullback include mining profitability, which will lead to losses in profitability.  

A very SPICY set up on bitcoin, call it Deja Vu. During the May through July Correction, bitcoin price and estimated total leverage ratio moved inversely. Price consolidated while holding support, and sentiment tanked to nearly all time low levels. Recently we see a familiar set up forming. Bitcoin price is consolidating after an impulse move to the downside. Total Leverage Ratio is trending up. The same play, on a different day. Extra Spicy note: This time, unlike last time, we see a new all time high in ratio. Could this be a sign of an even BIGGER move to come? This analyst, says yes.  

Bitcoin hashrate has reached a new all time high! Hashrate is a measurement of total work or mining being done on the Bitcoin Blockchain. Logically, as technology advances and more powerful computers are developed we can expect hashrate to trend upwards indefinitely. So a new hashrate all time high is not necessarily bullish or bearish on its own. We have seen hashrate continue to grow, and set new highs, through most of the 2018 bear market. However there is something of interest when we compare hashrate vs. BTCUSD price. During the March 2020 crash we saw a hashrate follow price - declining steeply. Hashrate bottomed shortly after price. Ive placed a crudely drawn white V on the chart to highlight this. When we look at 2021-2022 price action vs. hashrate, there is something similar! Price bottomed in June~ with Hashrate bottoming shortly after. Can we infer hash rate recovery may be correlated with price bottoming? In my opinion, its worth noting.  

Just a few hours ago, a massive outflow from Binance of $1B worth of BTC was seen. Exchange reserve's dropped to a new yearly low, and LTF price action began trending bullish. A similar outflow was seen in Sept 2021 before finding support and rallying to a new all time high $69,000. However, its important to note: Sept DID see further downside before reversing after the massive outflow of BTC from exchange. It is exciting to see such a large qty of BTC leave exchange as price nearly missed Sept's low of 39600, coming within 1% of this price point. Will Bitcoin again rally to a new ATH? I believe this is the probable outcome over the course of the next few weeks/months.