BTC hashrate vs price"Although these two assets are not strongly correlated in general, there has been a notable increase in correlation during this cycle between BITSTAMP:BTCUSD and $INTOTHEBLOCK:BTC_HASHRATE. If this trend continues, Bitcoin's price could potentially follow suit, targeting the $95K– GETTEX:97K range."
BTC_HASHRATE trade ideas
Bitcoin Halving: What you should know about this halvingThe Bitcoin halving is set to happen in April 2024. Here's what to expect👇
First, let's reflect on the Previous Halving:
➖ In 2020, after the last halving, the block reward dropped to 6.25 BTC
➖ Bitcoin's hash rate dropped by 30% within two weeks.
➖ Bitcoin's miner difficulty was also automatically reduced shortly after that, leading to new all-time highs in the hash rate just seven weeks after the halving.
➖Following the previous halving in May 2020, the price moved to a new all-time high within 8 months.
Implications of the Upcoming Halving:
➖The rewards issued to miners per block will be reduced from 6.25 BTC to 3.125 BTC. This decreases Bitcoin's inflation rate from 1.7% to just 0.85% per year.
➖We can expect Bitcoin's hashrate to drop shortly after the halving.
➖The reduction in issuance also translates to potentially less Bitcoin being sold by miners.
➖While the direct impact of lower issuance is small, historically miners' volume share decreases after the halving. This strongly decreases the market impact of miners selling.
There is one important way in which this halving is very different. Price has already reached a new ATH ahead of the halving, with investors aiming to frontrun the 'halving effect'.
So while long-term selling pressure will diminish after the halving, short-term investors who acquired Bitcoin ahead of the halving may be looking to break-even
BTC Hashrate ATH!🧡 is the strongest its ever been ⚒️🐮💪🏼BTC 🧡 is the strongest its ever been, no missing a beat.
Looks like Bitcoin Hashrate is going Parabolic from this angle.
We are well above the Mean.
🚀
Probably the most Bullish Sign we've seen all year,
considering the health of Bitcoin hashrate is a good place to look before investing into the asset.
Bitcoin price could go to zero 0 and it can still function.
Bitcoin can't function without a haterate.
Miners are fundamental to Bitcoin and the open source culture of digital money.
The technology comes from the World 2.0 culture behind it.
Thanks to the miners for keeping Bitcoin healthy, consider investing.
Lets Go!
Bitcoin - BTC Hashrate trendline break👀Wow🚨
Look at BTC price when we got a Hashrate trendline break👀
What seems like bad news often turned out to be an early bullish indicator since prices were closer to the bottom than the top🚨
What are your thoughts dear Crypto Nation?
Let me know your thoughts in the comments🤗
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Disclaimer:
Not financial advice
Do your own research before investing
The content shared is for educational purposes only and is my personal opinion
