{"id":291873,"date":"2021-07-06T15:02:22","date_gmt":"2021-07-06T12:02:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/is-the-bitcoin-bull-run-only-in-the-disbelief-market-cycle-phase\/"},"modified":"2021-07-06T15:02:22","modified_gmt":"2021-07-06T12:02:22","slug":"is-the-bitcoin-bull-run-only-in-the-disbelief-market-cycle-phase","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/is-the-bitcoin-bull-run-only-in-the-disbelief-market-cycle-phase\/","title":{"rendered":"# Is the Bitcoin bull run only in the \u2018disbelief\u2019 market cycle phase?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a21b3eca2623\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a21b3eca2623\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/is-the-bitcoin-bull-run-only-in-the-disbelief-market-cycle-phase\/#No_Bitcoin_bull_run_ends_in_%E2%80%9Cdisbelief%E2%80%9D\" >No Bitcoin bull run ends in \u201cdisbelief\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/is-the-bitcoin-bull-run-only-in-the-disbelief-market-cycle-phase\/#The_hash_rate_bottom_may_already_be_in\" >The hash rate bottom may already be in<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Is the Bitcoin bull run only in the \u2018disbelief\u2019 market cycle phase? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) topping out at $64,500 would mean that this bull market is unlike any other in history, one commentator argues.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AlexSaundersAU\/status\/1412366577941368838\">tweet<\/a> on Tuesday, Alex Saunders, founder and CEO of Nuggets <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>, used a classic Wall Street paradigm to suggest that BTC\u2019s price is far from its macro top.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"No_Bitcoin_bull_run_ends_in_%E2%80%9Cdisbelief%E2%80%9D\"><\/span>No Bitcoin bull run ends in \u201cdisbelief\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin has so far failed to crack resistance even at $40,000, languishing 50% below its recent all-time highs.\u00a0<\/p>\n<p>As fear lingers as the driving force behind market sentiment, many are concerned that bullish momentum cannot compete with recent bearish price events.<\/p>\n<p>Chief among them is the forced miner migration out of China. With months set to pass before the hash rate recovers, even the most tried-and-tested Bitcoin price models are being stretched to their limits.<\/p>\n<p>For Saunders, however, China\u2019s move to \u201cgo for the kill\u201d when it comes to Bitcoin\u2019s health has already failed to produce its intended result.<\/p>\n<p>\u201cIn 9 years I\u2019ve never seen a bull market end in disbelief. Consensus is sideways &amp; 1 more leg down,\u201d he summarized. <\/p>\n<blockquote><p>\u201cSo China decides to go for the kill. It didn\u2019t work &amp; that was their last ace. So expect them to try anything. You can\u2019t beat the bull.\u201d<\/p><\/blockquote>\n<p>Saunders referred to the classic market cycle paradigm in which \u201cdisbelief\u201d precedes a dramatic price run-up in a given market. After a comedown from a macro high, \u201cdisbelief\u201d likewise signals a reawakening after a protracted period of losses.<\/p>\n<p>His comments came as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bigmagicdao\/status\/1412343296194535424\">fresh comments<\/a> from the People\u2019s Bank of China reiterated previous negative sentiment on cryptocurrency, warning banks not to allow transactions associated with the industry.<\/p>\n<p>Unlike last time, however, the news had barely any impact on Bitcoin price action.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/6f150a2b-12c2-4804-abc1-4d80edd1e7b3.png\"><figcaption style=\"text-align: center;\"><em>&#8220;Wall St. Cheat Sheet&#8221; graphic. Source: ritholtz.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"The_hash_rate_bottom_may_already_be_in\"><\/span>The hash rate bottom may already be in<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>He is far from alone in his belief that Bitcoin has not seen its highs in this halving cycle. Supporting him is stock-to-flow model creator PlanB, who is eyeing a minimum BTC\/USD price of $135,000 by the end of 2021.<\/p>\n<p>As Cointelegraph reported earlier this week, signs that the worst of China\u2019s mining crackdown is already over are already visible in Bitcoin network fundamentals.<\/p>\n<p>The hash rate has bounced off its recent lows, while difficulty is busy accounting for the biggest reshuffling in mining power that Bitcoin has ever seen.<\/p>\n<p>This may nonetheless mean that difficulty sees an even bigger drop at the next readjustment in just under two weeks\u2019 time. Thereafter, the added miner presence resulting from increased profitability should allow the network to complete its automated balancing act.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/c6d94a57-824a-45dc-b130-aa78ebbb272e.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin 7-day average hash rate estimate chart. Source: Blockchain.com<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/is-the-bitcoin-bull-run-only-in-the-disbelief-market-cycle-phase\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Is the Bitcoin bull run only in the \u2018disbelief\u2019 market cycle phase? &#8221; Bitcoin (BTC) topping out at $64,500 would mean that this bull market is unlike any other in history, one commentator argues. In a tweet on Tuesday, Alex Saunders, founder and CEO of Nuggets News, used a classic Wall Street paradigm to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":291874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvYjVhZGZhMDAtM2Q3Mi00MTI2LWFhZGEtOGU0NWFlZmZlYjc3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-291873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/291873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=291873"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/291873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/291874"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=291873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=291873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=291873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}