Surging Bitcoin hash rate hints new Bitcoin rally nearing
The Bitcoin network hash rate is continuously increasing and with the network hashrate, Bitcoin traders are increasing their Bitcoin sell price position.
Bitcoin (BTC) is the top-ranked crypto asset by market cap. The current trade price of Bitcoin is $26,712 & this trade price is 48% year to date (YTD).
In the last 24 hours, the trade price of Bitcoin plunged by nearly 1% following the Fed policymaker’s statement on the upcoming plans amid tackling the current inflation rates in the US economy.
This week, the Fed policymakers suggested that the Central Bank doesn’t need to increase further.
According to Reuters’ report, Dallas Fed President Lorie Logan and Fed Governor Christopher Waller argued that rising Treasury yields have done the Fed’s job, preventing any urgent need for another rate hike.
Few Bitcoin traders noted that the current Fed policies & economic situation are reminiscent of the Bitcoin trade price pattern of 2019.
In 2018 Fed’s rates peaked at 2.5% and after that, Bitcoin bottomed out in December 2018 and rose to $13,880 by the end of June 2019.
According to veteran Bitcoin traders, all the crypto Investors should remain engaged with the Fed rate cut cycle & it will help to predict the next move of Bitcoin trade price.
However, the whole crypto industry is aware of three main factors that will bring a better situation for Bitcoin in 2024, namely Bitcoin-friendly American president, approval of Bitcoin spot ETF applications, and Bitcoin halving.
But here another factor that is giving a hint about the Bitcoin trade price rally is the continuously increasing Bitcoin network hashrate, a metric that tells the level/numbers of Bitcoin blockchain network supporters or we can call them miners.
In the last few weeks, the Bitcoin network hash rate hit all time high and this shows how much people are bullish on earning more & more Bitcoin via the Bitcoin mining process.
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