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Article by Coindesk: Omkar Godbole
Bitcoin’s latest bout of consolidation may end up with bullish breakout, as a key metric of miner confidence has hit all-time highs.
The top cryptocurrency by market value has clocked lower daily highs and higher daily lows over the last three days and is currently trading at $10,300 on Bitstamp, little changed on a 24-hour basis.
The cryptocurrency has charted the narrowing price range amid a surge in non-price metrics including a rise in the network’s hash rate — a measure of the computing power dedicated to mining bitcoin.
The two-week average hash rate reached a record high of 85 exahashes per second (EH/s) around 19:00 UTC last Friday. Further, mining difficulty — a measure of how hard it is to create a block of transactions — also jumped to a new all-time of nearly 12 trillion.
The hash rate could be considered a barometer of miner’s confidence in the bitcoin price rally. After all, the miners would be ready to dedicate more resources for mining if they are bullish on price and would want to scale back their operations if a price slide is expected.
Hence, many observers, including the likes of Changpeng Zhao, Founder of Binance, and former Wall Street trader and journalist Max Keiser believe prices follow hash rate.
Zhao tweeted on Friday that, “a rising hash rate means more miners are investing in BTC”, while few other observers stated that sellers should think twice before betting against the most secure blockchain — the higher the hash rate of a cryptocurrency network, the more expensive to 51 percent attack.
Put simply, Zhao is expecting bitcoin’s price to track the hash rate higher. It is worth noting that the market stands divided on the relationship between bitcoin’s price and hash rate.
Some observers believe the hash rate follows price and the metric’s outperformance represents overtly exuberant miners. Hence, reading the rising hash rate as a sign of an impending price rally may prove costly.
That said, the price is likely to follow the hash rate this time, as overexuberance is typically observed at market tops or near record highs. As of now, BTC is down almost $10,000 from the record high of $20,000 reached in December.
Also, the market sentiment is quite bullish with reward halving (supply cut) due in less than a year and the sustained uptick in miners’ confidence is more likely to draw fresh bids, possibly leading to a positive feedback loop.
All-in-all, the narrowing price range established over the last few days is likely to pave the way for a bullish move.
Daily and 4-hour charts
Bitcoin has charted (above left) back-to-back inside bar candlestick pattern over the last three days. The first inside bar appeared on Friday as that day’s high and low fell within Thursday’s trading range.
The second and the third inside bar candle was created on Saturday and Sunday, respectively.
Inside bars indicate consolidation and lack of volatility and often end with an explosive move on either side. A break below the first inside bar’s (Friday) low of $10,154 would imply range breakdown and could yield a stronger sell-off to levels below $9,855 (Sept. 11 low).
A break above Friday’s high of $10,458 would imply range breakout and open the doors to $10,956 (July 20 high).
The falling wedge breakout confirmed on the 4-hour chart (above right) last week is still valid. So, the probability of range breakout is high.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin image via Shutterstock; charts by Trading View
As Bitcoin is already trading slightly below $9,300, the community is happily rubbing their hands, looking forward to BTC surging over $10,000. Meanwhile, prominent Bitcoin advocate, Max Keiser, has taken to Twitter to talk Bitcoin globally, his earlier $400,000 forecast in particular. ‘Buy some BTC under $10,000 before it goes 40x’ Home » Crypto News » Max Keiser: Bitcoin Will Destroy All Other Cryptocurrencies. Max Keiser: Bitcoin Will Destroy All Other Cryptocurrencies Author: Jordan Lyanchev Last Updated Sep 28, 2020 @ 20:33. The growing demand for energy input into Bitcoin’s constantly increasing hash rate will result in the demise of altcoins and fiat currencies, according to Max Keiser. Popular TV host Max ... Max Keiser has been more than happy to report on the current macroeconomic trends and the cryptocurrency space. With Bitcoin showing impressive performance and all signs pointing to a sustained ... Max Keiser claims that Bitcoin dominates among all the cryptocurrencies providing high security; He links Bitcoin’s recent price plunge to the ongoing US political Chaos ; Keiser urged people to showcase their anger by investing in Bitcoins. Bitcoin Has no Cryptocurrency Rivals! Max Keiser, host of Keiser report and a bitcoin promoter, on his appearance on London Real, put forth the ... Amid the strongest Bitcoin rally in months, Bitcoin permabull and host of the Keiser Report has reiterated his prediction of a USD 100,000 Bitcoin, saying that strong Bitcoin fundamentals are in fact backing up this six-figure valuation.. As Bitcoin reaches its highest point for ten months, Keiser told Kitco News also that the stagnant policies of the US Federal Reserve will trigger a domino ... Despite the bitcoin bullish trend major altcoins have not experienced any major movements and continued the horizontal chart for weeks. In addition to this, Former Wall Street trader Max Keiser recently claimed that BTC dominance is heading to 80% & altcoins are dying. Max says don’t be the last to rotate out of alts into BTC. Max Keiser Predicts $400,000 BTC on Alex Jones Show, Jones Compares Bitcoin to ‘Power of Fire’ From the Gods . The moment many conspiracy-minded bitcoin enthusiasts have been waiting for ... Bitcoin News. Max Keiser Boldly Upgrades Bitcoin Price Prediction To $400k. CryptoCoin.News-February 18, 2020. Bitcoin maximalist Max Keiser has upgraded his long-term price on bitcoin for the first time in eight years. Crypto's censorship-resistant properties are ideal... Cryptocurrency. Hedge Fund Manager Argues “Fiduciary Responsibility” To Own Bitcoin. Ryan Smith-January 30, 2020 ... Max Keiser has predicted that bitcoin’s current bullish pattern will lead toward a price of $28,000. While the bitcoin bull does not give a timeframe when this is likely to happen, he believes ...
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