The Currency Analytics
By Steven Anderson
Can Bitcoin Gain Another Parabolic Rally?
The Rising Hash Rate of Bitcoin
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…
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…
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.
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.
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.
With a rising hash rate on BTC along with the much-awaited halving in May, the bull can have a market flag.
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.
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.
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.