Since the start of 2020, Bitcoin (BTC) rallied at around 10%. The price of BTC has almost halved its all-time high back in 2019, even though it has seen it with a temporary floor.
So, it’s no surprise why a lot of crypto analysts anticipate for another massive performance of BTC this 2020.
Before2020 has started, almost everyone in the crypto space dreams for another BTC parabolic rally.
Earlier this month, Bitcoin bottom tends to reach the $6,400 level. Based on the Heiken Ashi Candles, which is a one-chart that allows the traders to predict future prices and see market trends, the long-term price of BTC shows positive signs. In other words, the chart suggests that the price of Bitcoin tend to set higher values at hundreds of percentage.
Furthermore, it might be hard to assume everything as the Bitcoin has been trading on the various magnitude in the past ten years, but the Heiken Ashi Candles resulted to parabolic surges. As a result, Bitcoin gained thousands of percentage higher compared to previous years.
The signals are no yet completely formed. Meaning, as it is still on January 17th, there are remaining two weeks before final results can be seen. On the other hand, many crypto analysts are already looking forward to a short-term upside towards above $10,000. According to them, bulls might find victory at the end of the month.
Over the first week of January, the hash rate of Bitcoin has been rising. In fact, it hit the record highs, which was speculated the reason behind the price rally.
If you are not aware, the higher hash rate for BTC means for the increased computing power of miners to the BTC network. Then, it would result in a greater network decentralization level.
The network hash rate of Bitcoin was formerly correlated with its price. According to some crypto analysts, the price of Bitcoin allows the increase in hash rate. The said hash rate is considered to be the BTC’s major price driver.
With a rising hash rate on BTC along with the much-awaited halving in May, the bull can have a market flag. Besides, the speculation on the rapid hash rate growth of BTC can possibly contribute to the price rally.
On the other hand, there’s a difference between the cost of production and hash rate growth. The former seems to be strongly correlated with the price of BTC. Based on the recent report, the creation of new BTC cost averages at $6,300 per token.
If you remember, after the price of BTC dropped under $4,000 before the end of 2019, some miners opt to turn off their machines. Others were forced to reassure the crypto market is not likely to shut down.
So, this 2020, miners are about to be tested. Not only that, many are still wondering whether or not the BTC could past the 4,000% rally.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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