Bitcoin approaches halving with bearish sentiments for the first time in history

Cryptocurrency analyst Willy Woo noted that bitcoin was moving fast towards halving, but the market is totally controlled by bears for the first time in history.

“NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event,” Willy Woo commented on Twitter

Woo explained that as the price went down, ineffective miners were squeezed from the market. The same happened against the backdrop of falling prices from $6000 to levels just above $3000, when the bear market reached its bottom at the end of 2018.

“I'll elaborate. As price moves downwards, weak miners go out of business. This happened when we went $6k->$3k, the bottom happened when weak miners were dead and no longer dumping onto the market. The market bottoms afterwards,” he added.

The analyst added that many experts predicted a significant price increase six months before halving, but they did not take into account the prevailing market sentiment.

Cryptanalyst Cole Gartner explained Willy Woo’s approach in more detail, emphasizing that the lines of “complexity tape” were about to intersect:

“MINERS ARE CAPITULATING

1/  Hash ribbons is on the brink of inversion. That’s news you never want to hear.

Inversion signals a downturn in hashrate. It's a leading indicator of miner capitulation. $BTC is dangling on the edge of a cliff.

A similar situation was observed at the end of 2018 two weeks before the failure of the key support level at around $ 6000.”

Also, an interesting opinion was expressed by Crypto Dog. He believes that the largest sellers are miners interested in low prices. They hope to squeeze out small players.

Earlier, the former head of the BTCC crypto exchange Bobby Lee suggested that by 2028 the price of bitcoin will exceed $500,000. In his opinion, the upcoming halving will become an important driver of growth, which will significantly reduce the annual inflation of the first cryptocurrency.