4 Key Indicators Indicating That Bitcoin (BTC) Will Remain In The Bull Market
The price of the leading cryptocurrency has dropped from $ 11,750 to $ 11,400. Despite the short-term weakness, Bitcoin is poised to gain value over the long term. A cryptocurrency analyst said get ready for the bull market by stating that the on-chain trends that indicate Bitcoin is on the rise are coming together.
Bitcoin’s On-Chain Trends Are On The Rise According To The Data
A crypto currency analyst, blockchain analysis firm based on the data received from the cryptoquant, said that the Bitcoin macro bullish trend. Recently, she shared a combination of on-chain trends that show the reason for this. Four of these trends are as follows:
- The “whale rate change” that tracks how much Bitcoin big owners have invested in exchanges is currently low. This metric is the lowest since 2018 lows, indicating minimal sales pressure from large owners.
- The amount of BTC miners are sending to exchanges is currently at its lowest point since March 2017. This shows that the miners who are in the balance think that Bitcoin will value and therefore do not protect their assets by selling the coins.
- At the same time, miner reserves are falling rapidly, indicating that few BTC are available for sale. Bitcoin miners may be making over-the-counter deals, supported by numerous high-profile Bitcoin accumulation announcements.
- Finally, the market cap of the stablecoins has also risen in recent months. This suggests that there is money on the sidelines to buy Bitcoin and other cryptocurrencies.
Bullish Trend in Hash Rate
The Bitcoin hash rate continued to rise, confirming the bullish sentiment shared by the analyst in the article. BitInfo Charts, the leading data provider of cryptocurrency, reported on Oct. 15 that the hash rate of the Bitcoin network rose above 157 exahash per second, seeing a new all-time high. This reinforced miners’ upward sentiment, marking significant spikes since the beginning of 2020.
It is the increased investment in digital asset mining that is actually important for hash rate growth.
On October 13, cryptocurrency mining firm Marathon Patent Group partnered with an energy company to start a Bitcoin mining farm. It is stated that this farm will be established near a factory where electricity can be obtained at a rate of 0.028 $ / kWh.
This new farm will support up to 0,000 S19 Pro Antminers, which can generate a total of 3,320 eksahash per second. 3.32 exahash per second is about 2-2.5% of the network’s total hash rate on any given day.