????This week we updated you in our NEWS channel about Core Scientific – one of the biggest mining industry, filling for bankruptcy.
????Historical analysis suggests that miner capitulation events have consistently been followed by market reversals. Therefore, it is important to closely monitor such occurrences in order to identify potential opportunities for trades:
????Core Scientific – one of the largest Bitcoin miners files for bankruptcy – Link
????4 Years ago: Giga Watt miner goes bankrupt, BTC was at $4500 – Link
????8 Years ago: Mining ASICs Technologies miner goes bankrupt, BTC was at $290 – Link
????Core Scientific has been liquidating their assets aggressively in an attempt to cover their debts. Interestingly, miners have been selling, but the price of Bitcoin has not seen a significant decrease anymore, and the Bitcoin price action has remained relatively stable. This suggests that there may be a new entity which entered the market absorbing the selling pressure. As professional traders, it is important to closely monitor market dynamics and consider all relevant factors in our analysis and decision-making processes. It is also crucial to remain mindful of the potential for emotions to influence our actions and to adhere to established risk management strategies.
????Based on historical analysis, miner capitulations frequently indicate a shift in market trends and precede a reversal in price movement. As already said despite the miner selling, the price of Bitcoin has remained relatively stable, potentially due to new market participants absorbing the selling pressure. December has a track record of being a favorable period for dollar cost averaging and accumulation. Currently, we are in an hidden accumulation stage and the oldest and wealthiest miners in the market have ceased the selling! As we highlighted in our latest tweet, the selling pressure from miners is now diminishing and approaching oversold levels lower than those seen in 2018, signaling a potential reversal in the near future.
Check out our tweet for more information on the decreasing selling pressure from miners????click here
????Trade safe during holidays, ladies and gentlemen, and remember that proper trading is a marathon, not a sprint. Don’t let them to shake you out from this market; 2023 will bring loads of fun to all the bear market survivors.
????The whole ParadiseTeam wishes you a merry Christmas and a happy new year 2023, which will be in a sign of a BULL????????
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