Chief Crypto Analyst Jamie Coutts Highlights Indicator Pointing to Bullish Reversal for Bitcoin

Crypto analyst Jamie Coutts from Real Vision has highlighted a bullish indicator for Bitcoin, suggesting a potential reversal on the horizon. Coutts pointed out that Bitcoin’s hash rate decline is slowing, a sign that miners’ capitulation may be ending soon. This news comes as the market continues to recover from a supply overhang caused by significant Bitcoin sales.

According to Coutts, the slowdown in Bitcoin’s hash rate decline aligns with previous contractions and could signal a bottom and reversal of the bearish trend post-halving. However, he emphasized that a bullish reversal depends on a stabilization in the downtrend.

Crypto expert Willy Woo has previously stated that the market will recover when weak miners exit and hash rate recovers. Cryptoquant’s CEO Ki Young Ju provided insights into when miners’ capitulation might end, suggesting that it could still take a while before miners cool off on offloading their reserves.

Despite the selling pressure from the German government and Mt. Gox reserves, Coutts mentioned that distributing these coins to a wider array of holders could help remove the supply overhang and strengthen the Bitcoin network.

At the time of writing, Bitcoin is trading at around $58,300, up over 2% in the last 24 hours. Market participants are advised to stay long-term bullish but avoid excessive risk as the market continues to recover from recent challenges.