bullish

United

Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) is printing a fresh “buy opportunity” as miners face ongoing profitability struggles.
In one of its <a href="https://cryptoquant.com/insights/quicktake/66d13b70008db53fc0cd12a2-Lowest-Bitcoin-Hash-Price-Indicating-the-Buy-Opportunity" target="_blank" rel="noopener noreferrer nofollow">Quicktake blog posts</a> on Aug. 30, onchain analytics platform CryptoQuant suggests that BTC price action is already near long-term lows.
<h2 id="hashprice-comparison-hints-btc-price-near-a-bottom">Hashprice comparison hints BTC price "near a bottom"</h2>
Long-term Bitcoin metrics continue to buoy the bullish narrative this month — despite both miners and hodlers <a href="https://cointelegraph.com/news/btc-price-11x-sp-500-bitcoin-rolling-over-analyst" rel="noopener noreferrer nofollow">getting squeezed</a>.
The former camp still faces post-halving profit hurdles, and the latest data shows that their hashprice could hardly be any less advantageous.
Designed to measure miner costs on a <a href="https://cointelegraph.com/news/bitcoin-miners-survival-mode-hash-rate-approaches-all-time-low" rel="noopener noreferrer nofollow">per terahash basis</a>, hashprice is currently conspicuously low. CryptoQuant shows that in the past, price lows have emerged in step — but with a clear breakout later.
“The highlighted sections in the chart (blue boxes) indicate periods where the Hash Price dropped to lower levels, corresponding to times when Bitcoin prices were also at or near their lowest points,” contributor Woo Mink-yu explained alongside an illustrative chart.
<blockquote>
 “Historically, these lower Hash Price periods have coincided with Bitcoin price bottoms, suggesting that the current low Hash Price might indicate that Bitcoin's price is near a bottom as well.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/8c3e8918-8b14-4394-9573-a238b876d80d.png" alt="Bitcoin hashprice slump echoes March 2020 BTC price launch zone">
 <figcaption style="text-align: center;">BTC/USD vs. Bitcoin hashprice (screenshot). Source: CryptoQuant
 </figcaption>
</figure>
The last similar period occurred after the 2020 COVID-19 cross-market crash and continued through that year’s halving event.
<h2 id="bitcoin-miners-return-to-accumulation">Bitcoin miners return to accumulation</h2>
Earlier, <a href="https://cointelegraph.com/news/return-50k-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">Cointelegraph reported</a> on outflows from known miner wallets cooling through the month of July.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-hashrate-contracts-could-offset-skyrocketing-mining-costs" rel="noopener noreferrer nofollow">Bitcoin mining CEO eyes hashrate contracts to offset rising costs</a>
In recent days, CryptoQuant data confirms, their BTC reserve balance has in fact increased, and currently stands at 1,815,832 BTC.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/86dcdb83-2db3-4cbd-a639-19fd1dd20bc9.png" alt="Bitcoin hashprice slump echoes March 2020 BTC price launch zone">
 <figcaption style="text-align: center;">Bitcoin miner wallet reserves. Source: CryptoQuant
 </figcaption>
</figure>
This week, mining difficulty increased by <a href="https://cointelegraph.com/news/btc-price-dip-gone-september-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">an anticipated 3%</a>, bringing the metric back within an inch of all-time highs of 90.66 trillion, per monitoring resource <a href="https://btc.com/stats/diff" target="_blank" rel="noopener noreferrer nofollow">BTC.com</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/343ef305-fdb0-461a-8898-3ed33d1395fb.png" alt="Bitcoin hashprice slump echoes March 2020 BTC price launch zone">
 <figcaption style="text-align: center;">
 Bi
 </figcaption>
</figure>
Earlier this month, CryptoQuant CEO Ki Young Ju suggested that the overall picture being painted within the United States mining sector was one of sustainability.
"Miner capitulation is nearly over, with hashrate nearing ATH," he <a href="https://x.com/ki_young_ju/status/1820882769913983106" target="_blank" rel="noopener noreferrer nofollow">wrote on X</a>, referring to post-halving events as captured by the <a href="https://cointelegraph.com/news/hash-ribbons-signal-end-miner-capitulation-cryptoquant" rel="noopener noreferrer nofollow">Hash Ribbons</a> indicator.
<blockquote>
 "U.S. mining costs are ~$43K per BTC, so hashrate likely stable unless prices dip below this."
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin hashprice slump echoes March 2020 BTC price launch zone

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