As CryptoQuant writes, the pools are suffering heavy losses, their reserves are depleted, and the pressure on the asset is easing. This is indicated by the Puell index, which has fallen below 0.5%. This indicator reflects the dynamics of miners’ income.

This was observed from March to May 2020, during the 2018-2019 bear cycles, in November 2014 and April 2015, as well as in the fourth quarter of 2011. Analysts suggest that the market bottomed in June.

In mid-June, the MVRV indicator, which assesses the relationship between the market value and the realized value of an asset, turned negative. The realized value changes with the coins that have ceased to circulate, and the market value of the asset takes into account all mined bitcoins. A drop in MVRV below zero also indicates a bottom.

Many believe that the market has bottomed out, but not everyone agrees with this. A survey of Wall Street insiders showed that the majority of respondents believe the world’s largest cryptocurrency is moving towards $10,000, meaning there’s no need to talk about bottoming out.

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Source: IXBT

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