It can be seen that Bitcoin has hit some heavy crash recently, and it has toppled all the way from $63k, the all-time high price of Bitcoin, to about $51k at the moment; this is about $13k lost in events of the last week. The most vicious of these is the decline of the hash rate due to the Bitcoin mining getting a heavy hit as a Chinese coal mine disrupted function before it tumbled and affected the safety of the workers around that time. This led to a heavy hash rate failure, and this is probably the point in time where Bitcoin’s alleged end of the Bull run started, but according to PlanB, the bull run is far from over.
Apart from this, the new taxes that will be actionable on wealthy capitalists according to the new resolution brought further by Joe Biden the investors are a little spooked at the moment, and thus the trade of Bitcoin is not going around as it should that has also disturbed its current price quite heavily. Bitcoin has been accompanied by a solid bull run since the start of October last year till the March of this year and has become successful in climbing to the $60k price value.
A Twitter user known as PlanB is known for his impressive work for creating the stock-to-flow model for various cryptocurrencies, and according to the research he has put into this, he has but one thing to share that nothing goes above in a straight line, and Bitcoin won’t go by this bizarre understanding as well. This almost means that this current leg down that Bitcoin is having is indicative of a huge price bump that is going to meet bitcoin halfway in some weeks or so, but this is not how the crypto market works as the volatility and correction of the cryptocurrency also have to account for the final estimates to come around.
It is possible that it is not the end of the current Bull Run but a very small hiccup that needs to be cleared before things could move forward. But nothing can be said for sure now, and only time will tell if these estimates were true or not regarding the rebounding of Bitcoin.
