{"id":373500,"date":"2019-03-05T20:00:41","date_gmt":"2019-03-05T20:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=373500"},"modified":"2019-03-11T16:23:36","modified_gmt":"2019-03-11T16:23:36","slug":"bitcoin-miners-btc-bear-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miners-btc-bear-market\/","title":{"rendered":"Bitcoin Miners Capitulated in Dec 2018 and it Could Signal the End of Bear Market"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The biggest discussion point around <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> currently, is whether or not the first-ever cryptocurrency has bottomed or not, and if the bear market will soon be ending or if <a href=\"https:\/\/wncen.com\/2019\/02\/21\/crypto-bear-market-bitcoin-btc\/\">a lot more pain is ahead<\/a> for crypto investors.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While many crypto traders and analysts are feverishly reviewing price charts and <a href=\"https:\/\/wncen.com\/2019\/03\/04\/weekly-macd-bullish-bitcoin-price\/\">other important indicators<\/a> searching for a sign, one particular analyst suggests looking at Bitcoin mining difficulty levels and potential capitulation by crypto miners as the signal the bear market has ended.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bear Market Grand Finale: Break of $6K Caused Miners to Capitulate<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Like any good fireworks display, the grand finale is a spectacle worth waiting for. As was the case throughout the crypto bear market, where powerful price swings over the course of 2018 ended with an explosive move below critical support and into the current trading range Bitcoin price is currently in.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The move below $6K was exceptionally violent due to a large number of stop loss orders being placed directly below the seemingly unbreakable support level. Buyers and bulls felt confident that the price would hold, but prepared for the worst by placing stop orders just below this level.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/02\/27\/peter-brandt-bitcoin-price-bottom\/\">Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">When the worst-case scenario became a reality, the stop orders executed further propelling the price per BTC downward. But it wasn\u2019t just investors, hedge funds, and other bulls that capitulated during the violent move. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin miners were also forced to sell off their holdings or risk having the price per BTC fall too low and remove any chance for maintaining profitability. The fallout experienced by Bitcoin miners may have signaled the end of the crypto bear market of 2018 and 2019, according to one crypto analyst.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">ICYMI: the biggest <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> sellers, miners, have already capitulated in Nov\/Dec 2018. Miners have switched off old mining hardware because of low prices and difficulty has adjusted downwards. In 2011 and 2015 downward difficulty adjustment signaled the end of the bear market .. <a href=\"https:\/\/t.co\/yOZL26aqYC\" rel=\"nofollow\">pic.twitter.com\/yOZL26aqYC<\/a><\/p>\n<p>&mdash; PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/60811520?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 3, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">According to <a href=\"https:\/\/twitter.com\/100trillionUSD\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Plan B<\/a>, Bitcoin miners, the \u201cbiggest Bitcoin sellers,\u201d have \u201calready capitulated.\u201d He further explains that due to the price being so low compared to the cost of mining a BTC, miners have \u201cswitched off old mining hardware\u201d and \u201cdifficulty has adjusted downwards.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Most chartists <a href=\"https:\/\/wncen.com\/2019\/03\/05\/analysts-bitcoin-price-btc-20000\/\">look to past Bitcoin bubbles<\/a> to get an idea of how the aftermath of the most recent bubble pop may play out. Rather than <a href=\"https:\/\/wncen.com\/2019\/02\/22\/crypto-bitcoin-price-btc-macd\/\">look at the MACD<\/a>, RSI, or other price-related statistics, Plan B\u2019s chart depicts spikes downward in BTC mining difficult adjustments. When comparing the most recent capitulation event against previous bear market bottoms, the downward movement in this key metric could be the signal everyone is looking for that suggests the current bear market bottom is in.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Halving: More Evidence That the Bear Market Tides Are Turning for Bitcoin<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Data shows that Bitcoin miners are clearly tied to <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> in a variety of ways. Not only could miner capitulation signal the bear market has ended, but the block reward miners receive could be the key to unlocking the next bull run.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Another chart shared by Plan B shows in different shades of color the proximity to Bitcoin\u2019s \u201chalving\u201d date. The closer price gets to this halving date, the higher the price per BTC begins to trend upward.<\/span><\/p>\n<p>https:\/\/twitter.com\/100trillionUSD\/status\/83133440<\/p>\n<p class=\"p1\"><span class=\"s1\">According to the chart, the 2011 bear market bottom was at 12 months out from halving, and in 2015 the bottom was 10 months away from halving. When comparing the amount of time in proximity to past bear and bull cycles, Bitcoin may be anywhere from 2- to 4-months away from slowly returning to a bull market.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/03\/01\/crypto-bitcoin-price-long-term\/\">Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Each halving reduces the BTC reward miners receive for validating each new block. In the coming halving, the 12.5 BTC reward will be cut in half to 6.25 BTC. The lowered Bitcoin supply stream flowing into miner\u2019s wallets helps to reduce sell pressure on the market, and demand eventually takes over supply and the price grows exponentially. When this begins to happen again, FOMO should return to the market in a massive way, potentially <a href=\"https:\/\/wncen.com\/2019\/03\/01\/crypto-bitcoin-price-long-term\/\">taking Bitcoin to $100,000 to \u201cmillions\u201d per BTC<\/a>, investors believe. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The biggest discussion point around Bitcoin currently, is whether or not the first-ever cryptocurrency has bottomed or not, and if the bear market will soon be ending or if a lot more pain is ahead for crypto investors. While many crypto traders and analysts are feverishly reviewing price charts and other important indicators searching for a sign, one particular analyst suggests looking at Bitcoin mining difficulty levels and potential capitulation by crypto miners as the signal the bear market has ended. Bear Market Grand Finale: Break of $6K Caused Miners to Capitulate Like any good fireworks display, the grand finale is a spectacle worth waiting for. As was the case throughout the crypto bear market, where powerful price swings over the course of 2018 ended with an explosive move below critical support and into the current trading range Bitcoin price is currently in. The move below $6K was exceptionally violent due to a large number of stop loss orders being placed directly below the seemingly unbreakable support level. Buyers and bulls felt confident that the price would hold, but prepared for the worst by placing stop orders just below this level. Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy\u00a0 When the worst-case scenario became a reality, the stop orders executed further propelling the price per BTC downward. But it wasn\u2019t just investors, hedge funds, and other bulls that capitulated during the violent move. Bitcoin miners were also forced to sell off their holdings or risk having the price per BTC fall too low and remove any chance for maintaining profitability. The fallout experienced by Bitcoin miners may have signaled the end of the crypto bear market of 2018 and 2019, according to one crypto analyst. ICYMI: the biggest #bitcoin sellers, miners, have already capitulated in Nov\/Dec 2018. Miners have switched off old mining hardware because of low prices and difficulty has adjusted downwards. In 2011 and 2015 downward difficulty adjustment signaled the end of the bear market .. pic.twitter.com\/yOZL26aqYC &mdash; PlanB (@100trillionUSD) March 3, 2019 According to Plan B, Bitcoin miners, the \u201cbiggest Bitcoin sellers,\u201d have \u201calready capitulated.\u201d He further explains that due to the price being so low compared to the cost of mining a BTC, miners have \u201cswitched off old mining hardware\u201d and \u201cdifficulty has adjusted downwards.\u201d Most chartists look to past Bitcoin bubbles to get an idea of how the aftermath of the most recent bubble pop may play out. Rather than look at the MACD, RSI, or other price-related statistics, Plan B\u2019s chart depicts spikes downward in BTC mining difficult adjustments. When comparing the most recent capitulation event against previous bear market bottoms, the downward movement in this key metric could be the signal everyone is looking for that suggests the current bear market bottom is in. Halving: More Evidence That the Bear Market Tides Are Turning for Bitcoin Data shows that Bitcoin miners are clearly tied to Bitcoin price in a variety of ways. Not only could miner capitulation signal the bear market has ended, but the block reward miners receive could be the key to unlocking the next bull run. Another chart shared by Plan B shows in different shades of color the proximity to Bitcoin\u2019s \u201chalving\u201d date. The closer price gets to this halving date, the higher the price per BTC begins to trend upward. https:\/\/twitter.com\/100trillionUSD\/status\/83133440 According to the chart, the 2011 bear market bottom was at 12 months out from halving, and in 2015 the bottom was 10 months away from halving. When comparing the amount of time in proximity to past bear and bull cycles, Bitcoin may be anywhere from 2- to 4-months away from slowly returning to a bull market. Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term\u00a0 Each halving reduces the BTC reward miners receive for validating each new block. In the coming halving, the 12.5 BTC reward will be cut in half to 6.25 BTC. The lowered Bitcoin supply stream flowing into miner\u2019s wallets helps to reduce sell pressure on the market, and demand eventually takes over supply and the price grows exponentially. When this begins to happen again, FOMO should return to the market in a massive way, potentially taking Bitcoin to $100,000 to \u201cmillions\u201d per BTC, investors believe.<\/p>\n","protected":false},"author":517,"featured_media":373504,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[5687,428,639,19371,2989,28113],"class_list":["post-373500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bear-market","tag-bitcoin","tag-bitcoin-miners","tag-capitulation","tag-miners","tag-plan-b"],"acf":[],"yoast_head":"\n<title>Bitcoin Miners Capitulated in Dec 2018 and it Could Signal the End of Bear Market<\/title>\n<meta name=\"description\" content=\"One analyst suggests looking at Bitcoin mining difficulty levels and potential capitulation by crypto miners as the signal the bear market has ended.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-miners-btc-bear-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Miners Capitulated in Dec 2018 and it Could Signal the End of Bear Market\" \/>\n<meta property=\"og:description\" content=\"One analyst suggests looking at Bitcoin mining difficulty levels and potential capitulation by crypto miners as the signal the bear market has ended.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-miners-btc-bear-market\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-05T20:00:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T16:23:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/bitcoin-miners-btc-bear-market-shutterstock_670198525-1100x733.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"733\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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