As a seasoned researcher who has been observing the crypto market since its inception, I can’t help but feel a sense of deja vu when it comes to Bitcoin (BTC). The price fluctuations and the seemingly never-ending debates about its potential have become a familiar dance. However, I must admit that the recent analysis by CryptoQuant analyst J.A Maartunn has piqued my interest once again.
After hitting a record peak of $73,750 in March, the price of Bitcoin (BTC) has not approached that level since then. This is interesting because the Bitcoin halving event occurred on April 20, which typically reduces the emission rate of the digital currency, but it didn’t seem to have a significant impact on its trading value.
Based on current patterns, CryptoQuant analyst J.A Maartunn has offered insights suggesting a possible rise in Bitcoin’s value ahead.
Bullish case for Bitcoin
Currently, the price of Bitcoin has decreased by 13.32% from its all-time high (ATH) to $63,716.71. However, some may view this as a sign of poor performance. Yet, Maartunn sees it differently. He emphasized that despite the halving six months ago, the hash rate has persistently increased.
In his recent post on X, he explained that Hash Rate is a vital measurement for Bitcoin. It quantifies the total computational power being used within the Bitcoin network, and this figure is typically given in TH/s (Tera hashes per second). Right now, the Hash Rate stands at an astonishing 683 million TH/s.
Additionally, he emphasized the persistent determination of present-day Bitcoin miners to participate, despite the hurdles linked with mining the cryptocurrency. This unwavering chase for the remaining Bitcoin circulating is among the factors that make him optimistic about its future value in the long run.
Core Bitcoin advocates
Apart from J.A Maartunn, Bitcoin also has passionate supporters who think its price will exceed $100,000 in the near future. In his usual style, MicroStrategy’s Chairman Michael Saylor recently pointed out that “Bitcoin is gaining traction,” a comment made during Bitcoin’s recent recovery phase.
Global businesses are consistently increasing their commitment to Bitcoin’s projected growth path, as demonstrated by Metaplanet’s latest move of stockpiling more than 100 Bitcoins, an amount they have accumulated frequently in recent months.
In addition to purchasing Bitcoin directly, institutional investors are also increasing their involvement with Bitcoin by investing in Bitcoin Exchange-Traded Funds (ETFs) available in countries like the United States, the United Kingdom, and Hong Kong, along with other locations.
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2024-10-07 19:09