Foreign media comments suggest that after more than 50 per cent of Bitcoin's return from historical heights, the market is still waiting for a clear cut. However, in terms of the closure of miners, exchange premiums and the length of the historical cycle, the downwards of the wheel may have entered the latter half. The article also mentions that the recent shift of some of the funds to AI-related transactions was also seen as one of the reasons for suppressing the performance of bitcoin.

AI Withdrawal of part of market funds

Citing a recent interview by Chairman Strategy Michael Saylor, it is stated that AI industry is raising large-scale funds for data centre construction, which is squeezing other assets and affecting Bitcoin.

According to him, some of the funds that might have flowed to encrypted assets had been transferred to AI-related projects and shares in the short term. Saylor argues that this rotation is not a long-term trend and that some of the profits may be reverted to assets such as bitcoin once the relevant transaction is completed and the early funds are unlocked.

Pressure signals from miners and premium indicators

The article lists several data of interest to the market:

  • Coinbase bitcoin premium has been down and down for 47 days.
  • Bitcoin Rainbow Chart is in the "underrated" zone.
  • It's harder to dig than it's ever been.

Among them, the difficulty of mining is seen as a reflection of the closure of equipment by miners and the rise in industry pressure. According to the article, the withdrawal of miners of similar sizes often occurred in the past at a time of gradual erosion of pressure and near-market lows.

The history cycle was used against the current wheel.

The article also compares the downing of the round with the previous two Bears. Bear City lasted 364 days in 2018, Bear City lasted 367 days in 2022 and the current cycle lasted approximately 200 days. Based on this caliber, if the pace of history continues, it may take months to confirm at the bottom of the market.

However, it is argued that the round may also end faster than in the past, as indicators such as miners ' pressure and exchange premiums have changed more markedly. The article concluded as a whole that the bear city was not yet over, but that it might be closer to the end than the market generally expected.

Peter Schiff's attitude is relaxed.

The article also mentioned that Peter Schiff, a long-time critic of Bitcoin, had recently been questioned on television, without insisting explicitly on the claim that “bitcoin will end up zero” and then rewording it as “may not”.

According to the review, this change in attitude does not in itself constitute a market signal, but reflects a decrease in extreme doubts about the long-term viability of Bitcoin following a significant reversal in the current round.