Despite Bitcoin’s 7 week consolidation that everyone is talking about, including us. There are some signs of a turnaround. We all have to fight our emotions and or despair and look long term! The below chart shows stock to flow projected price compared to actual price. The chart demonstrates that price action is coming back to the projected price. Bitcoin price is close to the stock to flow projection. See the chart below with that comparison. To us, this appears as an approaching bottom which would allow for a bounce at some point. Here is the chart:
Below is a comparison of the 2016-2017 bull run compared to the 2020-2021 bull run. This bull run is well ahead of the previous bull run based on price. A pull back now does not change that very much. As time goes on, more of this trend will be on the chart for display. So far, this bull run looks as strong if not stronger from a price appreciation stand point. It may not last as long as the 2016-2017 bull run, but it may run up higher. Speculation right now, all we can do is watch the chart. The more of the bull run that is on the chart, the less the speculation about where it is going. So far, it looks good. Here is the chart:
The power outages in China a few weeks ago dropped the hash rate in that area 25% to 30%. The below chart shows that the hash rate has recovered. The chart tells the story:
Hash rate predicts price, because without demand there is not enough demand for the hash power mining rigs bring. With the hash rate recovering as it shows above. The Bitcoin network is healthy. Neutral ATM is confident and optimistic that at some point, Bitcoin will begin an epic breakout. Buy this dip! Low $50K’s is cheap, cheap!
The next chart below shows SOPR related to price action. See the green circles. Whenever SOPR drops close to the black line, price action jumps up! Happens every time. This time SOPR rolled over and headed back toward the black line, the bottom. If it touches or drops below that, look for a break out short term! Thanks to young William Clement III for this chart. He is a real up and comer in this industry! Fantastic analytical data:
The signs of a Bitcoin break out are here, one by one they are coming in. We don’t know when it is going to happen, but we know the break out is inevitable! Buy this dip! Bitcoin may very well never drop below $50K again. If it ever does, it will not be for long.
Neutral ATM buys and sells Bitcoin as little as $20 at a time! You do NOT have to buy an entire Bitcoin. Our OTC Desk is coming online soon, low rates, buy or sell online 24/7/365. Neutral ATM is here to get everyone off of zero Bitcoin.
Give Neutral ATM a try. We have low rates, convenient locations and we are expanding. Contact Neutral ATM, we will answer all your questions about Bitcoin and using our ATM machines. Find a Neutral ATM Bitcoin machine location near you.