Quote from: Biodom on Today at 08:46:09 PM

Quote from: philipma1957 on Today at 07:32:01 PM

Something is up:

<snip>So this really looks like a major mining capitulation.

Of course it is Christmas and a lot of people are off work but this is a big diff shift.

Very often large difficulty drops if sustained push the price down.

Be ready to a price drop into the 15k range. maybe the elusive 13/14k is in sight.

you get it exactly backwards, imho.

difficulty drop does not affect the price, it's the other way around.
why your thesis is incorrect: if difficulty drops cause price to decrease, then difficulty rise would have to cause price to increase, but we have almost 3X difficulty in comparison with Nov 2021 when bitcoin was at about 70K (more than 4X higher).

Once the price is "too low" the dificulty temporarily drops because marginal/unprofitable miners disconnect.
Once thing is right, though...typically two periods (or more) of significant difficulty drops indicate a price bottom (going forward).

Yeah normally that is correct. But when china cut hash by 50% the day after I guaranteed 70k in May the market tanked from high 60's to 29k-30k

we double topped back to high 60's in Nov 2021. So When I see a 22% fall for the last 2 days I see the rare price follows difficulty possibility coming from now to Jan 1. Be ready for it. I am.