Could Bitcoin’s Recovering Hash Rate Signal that BTC is Gearing Up for a Massive Price Surge?
It’s no secret that the past year has been an arduous one for Bitcoin and the entire crypto markets, and despite posting a slight recovery from its 2018 lows, BTC’s current price action is still dismal to say the least, and any talk of an imminent price surge remains nothing more than speculation.
Despite this, Bitcoin’s hash rate has been on that up-and-up as of late and has recovered significantly from its recent lows. This recovery signals that miners are gaining greater confidence in the cryptocurrency, which may signal that a price surge is, in fact, imminent.
Bitcoin (BTC) Price Stable as Hash Rate Climbs
At the time of writing, Bitcoin is trading flat at its current price of $4,020, directly in the middle of its recently established trading range between $4,000 and $4,100 which has persisted for the past couple of weeks.
Although the cryptocurrency’s price has been flat lately and volatility is on the decline, its hash rate has been gradually climbing, which may be a bullish sign.
BTC’s hash rate hit highs of just over 60 million tera hashes per second (TH/s) in late-August of 2018 before plummeting to lows of 30 million TH/s in late-December of last year, which coincided closely to Bitcoin’s plummet from $6,400 to lows of $3,200 in mid-November.
Since then, the cryptocurrency’s hash rate has been climbing, and is currently sitting at just under 50 million TH/s.
Dovey Wan, a popular figure within the cryptocurrency industry and the founding partner at Primitive, recently pointed to the recovering hash rate as a sign of increasing confidence from Bitcoin miners.
“Hashrate for $ETH has dropped 50% since its ATH and sees no recovery. vs $BTC also once saw a drop for 50% but steadily climbed back up now it’s 80% (50E) of ATH (60E)… This is the most direct reflection of confidence from miners based on their expectation of that PoW coin,” she explained.
Top Analyst Who Called Bitcoin’s Crash to $6,000 Says This is Next
Friday January 24, 2020
Few analysts have called Bitcoin (BTC) price action over the past few months and years as well as Filb Filb. The pseudonymous trader in 2018 called the cryptocurrency’s bottoming price around $3,000 and the...
The post Top Analyst Who Called Bitcoin’s Crash to $6,000 Says This is Next appeared first on 12bitplay - Bitcoin Play.
Hashrate for $ETH has dropped 50% since its ATH and sees no recovery. vs $BTC also once saw a drop for 50% but steadily climbed back up now it's 80% (50E) of ATH (60E)
This is the most direct reflection of confidence from miners based on their expectation of that PoW coin. pic.twitter.com/63NU9E9tCs
— Dovey Wan (@DoveyWan) March 24, 2019
This Surprising Factor Will Massively Increase Bitcoin Adoption, Says Industry Execs
Tuesday January 21, 2020
Right now, Bitcoin and other cryptocurrencies are something of a niche offering. But many nations continue to skirt economic meltdown, thanks in part to unprecedented levels of quantitative easing. As such, some industry commentators...
The post This Surprising Factor Will Massively Increase Bitcoin Adoption, Says Industry Execs appeared first on 12bitplay - Bitcoin Play.
Could Climbing Hash Rate Signal that a BTC Price Surge is Imminent?
This growing confidence in BTC from its miners may signal that the crypto’s fundamentals are beginning to improve, which could mean that a price surge is on its way.
Moon Overlord, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, explaining that there is a parallel between Bitcoin’s current price action and that which was experienced just prior to its parabolic move in late-2017.
A Deep Retracement For Ethereum and XRP is Inevitable, Based on This Indicator
Monday January 20, 2020
All last week, the altcoin market was on fire, with many crypto assets – including Ethereum and XRP – breaking out from downtrend resistance and going on massive rallies – some of which set...
The post A Deep Retracement For Ethereum and XRP is Inevitable, Based on This Indicator appeared first on 12bitplay - Bitcoin Play.
$BTC reborn? pic.twitter.com/5AfpXEvrNt
— Moon Overlord (@MoonOverlord) March 24, 2019
As time persists, crypto investors will garner greater insight into both the correlation between Bitcoin’s price action and its hash rate, as well as whether or not BTC’s 2018 lows of roughly $3,200 are, in fact, a long-term bottom.
Featured image from Shutterstock.
The post Could Bitcoin’s Recovering Hash Rate Signal that BTC is Gearing Up for a Massive Price Surge? appeared first on NewsBTC.