The recent rapid downward trend in the price of Bitcoin (BTC) has led more people to believe that its price has bottomed. Leading Bitcoin analyst Jacob Canfield (Jacob Canfield) of Tradingview believes that this is far from the bottom. As the price of Bitcoin falls,Striped Bitcoin the price of Bitcoin will fall to $5,500.
From the data on the chain, it can be seen that within one month before the halving, the Grayscale Fund bought 70,000 bitcoins, which is equivalent to 70% of the mining output of the entire network during that period; May 12 On the day of the currency halving, the Grayscale Fund bought 3,716 bitcoins, far exceeding its daily output.
Only 119 of the 219 crypto funds analyzed by ICORating are actively operating, and 9 out of operations in the first quarter of this year, including CrowdCryptoFund and AlphaProtocol. ICORating believes:
On March 24, Singapore Exchange DragonEx announced in its official Telegram group that the company had been hacked, and as a result, some users and the platform's encrypted assets were stolen. A few days later, DragonEx posted an announcement on its website saying: On March 24, DragonEx suffered an APT attack, which is the biggest challenge DragonEx has faced since its first creation in 2017. About 7.09 million US dollars of digital assets were stolen.
The rise in currency price and the application show a positive correlation, and the manifestation of the application is the situation of the data on the chain, so the price and the data on the chain basically show a positive correlation. According to historical data, whether it is Bitcoin or Ethereum, its price and on-chain data basically confirm the above conclusions. Whenever the data and the price on the chain start to deviate, the price is either underestimated or overestimated, and the relationship between the recent Bitcoin price and the data on the chain starts to diverge (see the figure below). It can be roughly judged that the current price of Bitcoin is in excess Selling range.
Striped BitcoinDennis Rusinovich added that if the price of Bitcoin can still be at a higher level after the block reward is halved (for example, at a price of $000 or higher), then inefficient miners can survive for a while, but If the price of Bitcoin drops to $000, a price war is likely to start in the market, and larger Bitcoin mining farms will squeeze small miners, which in turn will cause centralized mining risks.