One of my favourite signals for the Cryptomarket is mining rewards. Bitcoin’s price and the price of all the altcoins are linked. Take a look here and you can see that all the 3 month graphs of the top coins and tokeds are highly correlated. Its an eco-system so its hardly surprising they are tighly bound together.
As Bitcoin goes so do the altcoins and if you have a strong signal from the altcoins then you have what is going on under the hood of Bitcoin.
Well there is such a signal and its mining rewards and I look at the rewards for the powerful 1080ti Nvidia card to get my guide. Right now it has fallen off the charts. A few weeks back and the card would excavate $3.50 of Bitcoin equivalent altcoins but right now you are lucky to dig $1.50. this is a flashing warning to me as the drop in mining rewards has been faster than the drop in Bitcoins dollar price and is at the lowest end of the range in the last year. Bitcoin is on the ledge of another heavy fall which I am expecting this summer to bring the price down to a low from where it bottom.
This is simple a repeat of the many crashes of bitcoin:
Here is the crash of Bitcoin 2011
Here is the crash of Bitcoin 2013
Here is the crash of Bitcoin 2014
Here is the crash of 2018
It’s a pity we cant see the future but perhaps with a little cut and paste we might get a glimpse.
But copypasta is not fate, but with mining rewards cratering its looking bearish and until the day headline news is trumpeting the death of Bitcoin the bottom has not been reached.
But remember this is not the end of Bitcoin, it is just the beginning, so look at all the price axis of the previous charts and remember… too the moon.