Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin’s core promise of decentralization is facing a major test. Two pools now control a majority share of the network’s hashrate. This level of concentration challenges the very foundation of Bitcoin’s decentralized ethos.
In an X post, Jacob King, the CEO of WhaleWire, stated that two miningpools now control more than 51% of the Bitcoin network’s computing power. He warns that the stage is set for a potential 51% attack, which could completely undermine the BTC security model and trigger catastrophic fallout across the crypto ecosystem. What This Means For Bitcoin’s Future Stability
For context, the last time this occurred was in 2014 with mining pool GHash.io. The backlash was swift, while community panic spread, developers sounded alarms, and GHash was forced to voluntarily reduce its hashrate. Still, the damage was done, and BTC plunged over 87% in the months that followed, entering one of its deepest bear markets.
Related Reading: Bitcoin Jackpot: Solo Bitcoin Miner Nets $360,000 To Beat 1 In 800 Odds
Furthermore, GHash faced relentless DDoS attacks, intense scrutiny from maxis, and eventually shut down in 2015. King argues that history is repeating itself. While the firm tried to cover up centralization risks, the truth is back in plain sight.
According to King, this brewing crisis could be the pin that pops what he calls BTC’s mega-bubble. OTC data shows that many large whalesare already rotating out of BTC and preparing for an exit ahead of potential chaos. In his opinion, even Michael Saylor, long hailed as a BTC guru by maximalists, appears to be shifting his stance.
King claims that Saylor has quietly prepared a strategy to dilute and dump his holdingsand abandon his earlier promises of long-term conviction, as he knows exactly what’s coming. He also noted that the entire market structure rests on three fragile pillars: the fraudulent stablecoin inflows, retail-driven FOMO, and carefully engineered narratives pushed by the maxi cartel. Once reality pierces through these illusions and centralization risks are fully acknowledged, the collapsewill be faster and more brutal than ever. BTC Price Action
Fiege_max shareda bold assessment that there was an 85% chance that BTC had already peaked at $123,000. Currently, the analyst is increasingly confident that the top for BTC is indeed achieved. While BTC has had an incredible year of relentless uptrend, which is quite different from 2021, there was never truly a full-fledged altseason. However, the marketstill offered plenty of opportunities along the way. Related Reading Is Bitcoin’s Bull Run Nearing Its End? Long-Term Holders Send Mixed Signals 1 day ago
The analyst warned that traders should prepare for their exit and not let greed dictate their decisions, as the easy mode is behind us, and the market is entering a long period of hard mode.
Fiege_max clarifies that this does not mean the market is finished or that prices will collapse in a straight line. Instead, he urges realistic targets. He frames his commentary as a matter of perspective and objectivity on his viewpoint as a trader, and hopes it pushes the idea that the market is drawing to a close. BTC trading at $113,666 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com