Analysis: Bitcoin mining difficulty has been adjusted upward for the 8th consecutive time, which may indicate that a market cycle turning point is approaching

According to ChainCatcher news, CoinDesk reported that the Bitcoin network difficulty was adjusted to 110.45T (trillion) this morning, setting a new historical high, marking the 8th consecutive positive adjustment. Historical data indicates that when Bitcoin experiences such a series of consecutive difficulty adjustments, it often signals that the market cycle's top or bottom is approaching.

Similar consecutive adjustments occurred during the 2018 bear market and the 2021 bull market. After 9 consecutive adjustments from July to November 2021, the Bitcoin price reached a high of $69,000; whereas in 2018, there were 17 consecutive adjustments, after which Bitcoin entered a bear market, dropping to a low of $3,000.

The current 7-day moving average of Bitcoin's hash rate has reached 775 EH/s, and CoinDesk Research predicts it may reach 1 ZH/s before the next halving. In the face of increasing competition, some listed mining companies, such as MARA Holdings, have shifted towards high-performance computing and AI, optimizing revenue through methods such as issuing convertible bonds to purchase Bitcoin and lending Bitcoin for single-digit returns.