Bitcoin traders looking forward to making money can go…

ambcrypto.com:

A prominent on-chain metric is suggesting that Bitcoin could yet form a long-term bottom soon. The difficulty of mining a Bitcoin block recently saw the most significant negative decrease since 3 July 2021.

Miners’ capitulations and sell-off have affected the Bitcoin mining difficulty. The drop is also linked to the heatwave that hit Texas which is one of the biggest mining hubs in the USA.

Reportedly, miners have put off their machines to lower power demands on energy grids dealing with the heat wave.

Historically speaking, miner capitulation generally signals the end of the bear market. As things stand, we are looking towards the formation of a long-term bottom for Bitcoin meaning short-term pain for traders.

But, traders can save a breath knowing it will result in long-term gains for them.

Source: CryptoQuant

Another recent study has indicated a possible bottom formation for Bitcoin. The king coin has been fluctuating below its realized price since 13 June, as per a CryptoQuant analysis.

It stayed under this threshold for 20 weeks between November 2018 – April 2019. 

But the metric has recently seen a sharp rise. This can be regarded as a consequence of the latest bull charge.

The question is whether it will stay over this threshold or drop below this line again. Meanwhile, interesting activity has been detected from the whales’ end.

As Bitcoin prices fell hard along the first half of 2022, whales have steadily begun accumulating.

As per a recent CryptoQuant analysis, whales have increased in the number of 1k and 10k BTC ownership.

This could mean a turnaround in mid-to-long term cycles as whale accumulation suggests an attractive entry point for retail traders.

Source: CryptoQuant

Amidst the falling prices and whale movements,