WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Crypto Prices
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
Crypto Prices
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Guides
  • PR
  • Sponsored
WebsCrypto
WebsCrypto—News—Bitcoin News—Miner Capitulation Continues, and Bitcoin Investors Are Not Out of the Woods Yet
Bitcoin News

Miner Capitulation Continues, and Bitcoin Investors Are Not Out of the Woods Yet

By WebsCryptoJuly 12, 2022
Miner Capitulation Continues, and Bitcoin Investors Are Not Out of the Woods Yet
Facebook Twitter Telegram LinkedIn Reddit Email

According to Glassnode’s weekly on-chain report, miner capitulation continues as extreme financial stress is sure to exist.

The agency added that there could be lingering pains and further downside risks before the market establishes a resilient bottom. Analysts who conducted the research say Bitcoin investors are not out of the woods yet. Even professional traders have a hard time predicting exactly when the market bottoms.

Glassnode noted that miners are still selling, as they have been for the past few months. However, in the previous bear market, the capitulation of miners lasted about 4 months, so the outflow may continue into the third quarter. It also noted that the decline during the 2018/19 bear market lasted about 15 months, culminating in a peak-to-trough Bitcoin price drop of 84%.

During this cycle, a similar scenario could see Bitcoin reach a bottom around $12,000-$13,000, with the market remaining range-bound until the first quarter of 2023.

Related:  TeraWulf Achieves 25% Month-on-Month Increase in Bitcoin Mining, Digs Up 157 Bitcoins in January 2023
DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Bitcoin Crypto Cryptocurrency Headlines Market
Related News
Market News March 18, 2023

Dutch Financial Market Watchdog to Take Tough Stance on EU Cryptocurrency Regulations

Business News March 18, 2023

FTX Debtors Report $11.6 Billion in Claims and $4.8 Billion in Assets to Bankruptcy Court

Altcoin News March 18, 2023

Paxos Processes Over $7.9 Billion in BUSD Redemptions in 32 Days, Commits to Backing BUSD for At Least a Year

Bitcoin News March 18, 2023

Bitcoin Options Weekly Volume Hits $7.94 Billion, Highest Since October 2021

NFT News March 18, 2023

Sony Files Patent for NFT Interoperability Framework Across Different Gaming Platforms

Bitcoin News March 18, 2023

Glassnode Reports Bitcoin Below 200-Week Moving Average for First Time in History

The Latest
Market News March 18, 2023
Dutch Financial Market Watchdog to Take Tough Stance on EU Cryptocurrency Regulations
Business News March 18, 2023
FTX Debtors Report $11.6 Billion in Claims and $4.8 Billion in Assets to Bankruptcy Court
Altcoin News March 18, 2023
Paxos Processes Over $7.9 Billion in BUSD Redemptions in 32 Days, Commits to Backing BUSD for At Least a Year
Bitcoin News March 18, 2023
Bitcoin Options Weekly Volume Hits $7.94 Billion, Highest Since October 2021
NFT News March 18, 2023
Sony Files Patent for NFT Interoperability Framework Across Different Gaming Platforms
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter Instagram LinkedIn Telegram RSS
News
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Market News
  • Business News
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Services
  • About Us
  • Contact Us
  • Advertise
© 2023 WebsCrypto.
  • Privacy Policy
  • Terms of Service

Type above and press Enter to search. Press Esc to cancel.