Think Markets UK Analyst Says Bitcoin (BTC) Rally Coming Soon Due to Hash Rate Increase
Bitcoin Has Many Supporters, Which Could Result In A Major Rally To Save It
Many investors were excited to find that Bitcoin prices make a small jump on July 17th, which seems to be due to the extension that was issued by a session’s sharp rally. The way that their price went up on Monday made it the highest amount for this month, bringing it closer to the $7,000 mark, which is what investors have been waiting for.
According to chief market analyst for Think Markets U.K., Naeem Aslam,
“The price is trading at $6715 and year to date it is down nearly 53.07%. However, I do think that the tide is about to turn for bitcoin and it won’t be long before we see a major move.” He continued on, saying that miners are confident in the rising prices of Bitcoin, which is made evident by the “consistently increasing” hash rate, showing that miners are keeping busy.
If Bitcoin maintains this trend so that they can finish with operating profit in their company, they would finally have four winning sessions in a row, which has not happened since April 2018. Most recently, last night at 5:00pm, the BTC/USD tokens were trading at $6,705.35 each on the Kraken exchange, which is just under 1% in improvement.
Altcoins have had more sporadic profits and losses in the market by that time. ETH and BCH dropped 0.7% each, bringing the prices down to $472.04 and $792.00, respectively. Litecoin has not changed, while Ripple has risen 1%.