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Could the BTC Mempool Transaction Count be used as good indicator for BULL & BEAR Market Analysis

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The larger unconfirmed BTC transactions we're currently observing is something we can could easily been expecting with the recent halving and expected "Miner Purge". Although after a look at the Mempool transaction count history since the last halving, I've been wondering if there is any correlation to the current trajectory, and could this actually be a good indicator of bull/bear cycles.

If we take a quick deep dive into today's unconfirmed BTC transaction's we can see a bit abnormal spike to nearly 75,269. In the short term this could easily pointed to the halving and as miners purge for no longer being profitable.

What is interesting is if we zoom out a bit more and look at the cycles back to 2016 and focus on the halving day on July 9th, 2016.

Two days after the 2016 Halving we saw a spike of unconfirmed transactions, but as we continue down into the cycle leading until 2017/2018 we'll see the unconfirmed transactions continued in a upwards slope that continued to make "higher highs".

While it all makes sense as during the cycle more investors, activities, and many other factors lead to periods of hash-rate drops.

I would be curious to anyone else thoughts on if we monitor this going forward will the next similar spike to today, lead to another "higher high"? If so, could this be an early indicator of a new cycle with more similar spikes of new highs?

@originate Hive Developer Evangelist & Creator