Bitcoin Miners Still Unimpressed by the Recent BTC Crash

Despite the recent pessimistic technical analyses, Bitcoin’s most recent 15% drop has neither negatively affected the network’s hashrate nor the positive future outlook of Bitcoin miners.

Miners unimpressed after the BTC crash

Crypto mining is a tough business with razor-thin margins and extremely fierce competition. A big drop in prices therefore usually sees miners dropping out of the race because they cannot mine profitably anymore.

However, the recent BTC drop does not seem to have fazed the Bitcoin mining community. The network hash rate has not dropped with miners leaving the network, despite the 15% price drop of BTC. On the contrary, the network’s hash rate has even reached levels close to its all-time high yesterday, on the 23rd of November.

Alistair Milne commented on the question of why miners are not capitulating yet:

“They (the miners) are acutely aware of the upcoming halving and are apparently unphased by the recent dip.”

Analysts have a more pessimistic outlook for Bitcoin in the near future, though. They believe that the Bitcoin price might drop below the 5.000 USD mark, according to the RSI indicator.  This would wipe out nearly all gains from the past year and bring BTC down close to its bear market low.

Although, this might seem like a worst-case scenario for most, the community is taking the recent losses in stride. The 2018 bear market and the failed start of the bull market in 2019 have weeded out a lot of the weaker hands while hodlers are looking forward to the BTC halving in early 2020. Many experts and members of the community believe that we will see Bitcoin gaining a lot after the event.

What do you think? Will we see significant gains after the Bitcoin halving event?

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