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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
Highly acclaimed TV host Max Keiser said he’s raising his Bitcoin (BTC) price target again after he last did it in 2012, so he expects the price to hit the $400,000 record. As he spoke on February 17 for the news show Infowars, he told host Alex Jones that his previous $100,000 prediction was too conservative. These are his exact words on this: After months of research and development, global crypto exchanges finally revealed a new magical weapon in their spellbook with the successful casting of the “Initial Exchange Offering” (IEO) spell earlier this year. Mages from the various exchanges and crypto launchpads caused a highly potent global FOMO effect to take hold on cryptocurrency investors, with analysts now expecting the ... The Bitcoin (BTC) hash rate has broken yet another new all-time high, according to Aug. 19 data from monitoring resource Blockchain.com. The top coin’ Binance Labs, the venture wing of the largest cryptocurrency exchange Binance supports new blockchain startups and cryptocurrency projects through technical assistance and direct investment. Binance describes the project as an initiative to incubate, invest, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. American broadcaster Max Keiser has raised his Bitcoin price forecast to $400,000 per one orange coin. He voiced his new expectations while speaking with conspiracy theorist Alex Jones at InfoWars ... 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 ... Max Keiser Predicts $400,000 BTC on Alex Jones Show, Jones Compares Bitcoin to ‘Power of Fire’ From the Gods The good news… is that Bitcoin at $10,000 or $9,300 is equally as attractive as it was when it was $100. Keiser’s bullish prediction joins a host of others expecting the price of BTC to increase exponentially in the coming years. Crypto analyst PlanB recently published his model showing bitcoin potentially overshooting $100,000. Bobby Lee ... The lighting Bitcoin price has been making the news lately, growing with a strong momentum. Meanwhile, one of the popular crypto TV hosts Max Keiser advises people to HODL their Bitcoins and follow the latest cryptocurrency news and movements.. In the latest episode of his show, Keiser had Simon Dixon, the CEO of the crypto funding platform BnkToTheFuture, where the guest said that the only ... Yet, Bitcoin’s price remained above $10,000, despite the seemingly bad news. While it decreased, so far, it’s performing well and it remains only a little over $1,000 away from the previous 2020 high. Elsewhere, good news came from the legacy markets.
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