After hitting a new all-time high over $28,000 on Sunday, December 27, Bitcoin (BTC) has now entered a minor correction. At press time, Bitcoin is trading 3% at $26,677 with a market cap of $495 billion. However, this might not be the right time for profit-booking if you’re thinking about it.
Bitcoin analyst Max Keiser, who is popular for predicting BTC price based on its hash-rate noted that BTC can touch $35,000 in a short term based on hash-rate adjustments.
$28,000 target (from 2 yrs ago) hit 🎯 Next short-term target is my hashrate-adjusted price of $35,000 (made last year when BTC hashrate was hitting new ATH)
As per data on BTC.com, the next BTC hash-rate adjustment will happen 13 days from now. Probably we can see BTC price surging another 30-40% from the current levels as per Keiser’s predictions.
Currently, the Bitcoin (BTC) hash rate is at 132.91 TH/s. Since November 2020, the BTC hash-rate has surged nearly 30% so far.
BTC Price and Hash-Rate Correlation
Hast-rate is defined as the computational power required to unlock new blocks in the Bitcoin blockchain network. The rising hash-rate usually hints at rising mining activity since more miners compete to put new BTC into circulation.
Several Bitcoin analysts say that the increase in mining difficulty and the increase in hash-rate is a bullish indicator for the Bitcoin price.
If we see, the BTC price has been moving quite in tune with the hash-rate surge since November. While the latest BTC price action has already been a massive bull run, analysts expect that there’s more steam left in this rally. Bitcoin (BTC) has been close to registering its longest monthly winning streak since mid-2019. Hopefully, this continues further over the next four days before the end of 2020.
Earlier this month we have seen minor price corrections getting quickly absorbed with whales making massive purchases.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org