We have seen a couple of these cycles where the tide begins to shift roughly a year before block reward halving dates. Inflection points occurred 376 and 320 days prior to the 2012 and 2016 “halvings”, respectively. Next halving is expected May 24, 2020
https://t.co/rLUh849Qt9
I think the increase in the hashrate of Bitcoin in the past year despite its 80% price drop suggests either:
1. It's hard for miners to get rid of mining equipment / electricity commitment
2. Miners are willing to mine at a loss, expecting BTC to recover in the long run.
To balance out my pessimism, here's a summary to the bull side by @renato_shira. Many of our on-chain indicators suggest the bottom may be near. While I don't concur with this conclusion, I like the analysis, it's a good summary of the bull case.
https://t.co/Qp2A5OjebF
I've just put up a live chart of @MustStopMurad & @kenoshaking's MVRV Ratio, based on @nic_carter and @khannib's work on Realised Cap. Quite useful for spotting market tops and bottoms.
https://t.co/1iI2s6guHS
(PS: more charts coming soon...)