By
Temitope Olatunji
April 26th, 2024
After a serious drop that happened last week, Bitcoin price has started to frow again. Meanwhile, BTC hash rate has reached a new ATH.
Bitcoin price is expected to rise exponentially after the coming halving event. This at least is what many HODLers are expecting. This is because Bitcoin prices haven’t moved with other markets. It has led many to become cryptocurrency believers. The Bitcoin hash rate which reduces the number of coins available as a reward for miners by half is propelling many to anticipate a significant rise in prices.
At an all-time high, the current Bitcoin hash rate is at 136.2 EH/s. Bitcoin mining operations are set to expand after halving. New mining rigs are also expected. So much so that many influencers in the crypto space have analyzed this one way or the other. The UK’s Danny Scott put it this way.
#Bitcoin price on 29th February
2012: $5
2016: $436
2020: $8,625— Danny Scott ⚡ (@CoinCornerDanny) February 29, 2020
BTC Price Is Expected to Remain Bullish after New Bitcoin Hash Rate ATH
Other analysts have considered Bitcoin’s price dip. Analysts expect prices to remain stable. Even COVID-19 fears can’t break their confidence. Plan B is the cryptoanalyst that created the stock-to-flow model. He confirmed his confidence in Bitcoin prices. He has predicted prices to remain above $8600. Plan B also has indicated that Bitcoin prices may pick up as well.
Remember last month's forecast that #bitcoin will stay above $8200? So far so good and .. the indicator just flipped to $8600 (March close). Risky with btc now at $8475, but I like to share it as out-of-sample test. Note this is totally different from S2F!https://t.co/1Kc36h6i03 pic.twitter.com/GG7mkaynwo
— PlanB (@100trillionUSD) March 1, 2020
Altcoins Remain a Mixed Bag
Altcoins have been mixed. This is due to Bitcoin’s dominance of the crypto space. This is to be expected. A dominance of about 63% says everything. From the popular ones such as XRP (about $0.23), Monero (XMR, $67.03) to the little-known ones such as Fetch (FET, $0.034) and Pluton (PLU, $2.4), prices seem to be based on their specific use-case scenarios. Price variances indicate that Bitcoin will remain the king of the hill. This is expected to occur for some time.
Other markets are showing slight signs of recovery (especially the Asian ones). This raises further concerns by the crypto space about correlations between stock market prices and cryptocurrency markets.
Others are concerned with upcoming developments that will change Bitcoin’s core. Three plans within an upcoming soft fork will change just about everything concerning Bitcoin. Taproot Schemes, Tapscript Language and Schnorr Signatures will be one of the biggest developments since the last stable version of Bitcoin. This was also indicated by top crypto-analyst Lucas Nuzzi.
Bitcoin will soft-fork this year. It will be one of the most innovative additions to L1 thus far:
bip-schnorr+bip-taproot+bip-tapscript
These are powerful foundational technologies that will bring novel smart contracts to Bitcoin's base layer.
2020 will be good. https://t.co/aVVGNdNziR
— Lucas Nuzzi (@LucasNuzzi) January 16, 2020
This will enable the implementation of long-expected changes. The Lightning Network is one such example. Then again, the lure of cheap power has also enabled miners to keep prices stable. Sources report that the State of Texas in the United States is attracting new Bitcoin mining operations.
Bitcoin Miners Get an Incentive
One would have thought that the two (oil and Bitcoin) being market competitors will have a face-off in such a situation. However, it seems that miners would prefer to work with what they have been given (cheap wind power). If the right cluster of Bitcoin miners were to take advantage of such opportunities, we may see an outbreak in prices apart from the influence of others in the cryptocurrency community.
For now, though, Bitcoin prices are going just right. For the moment that is. At the time of filing this report, Bitcoin (BTC) prices were at $8750.41. This indicates a 1.5% rise in the past 24 hours.