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Bitcoin predicted to see greener pastures as coin’s metrics spike



Bitcoin predicted to see greener pastures as coin's metrics spike
Source: Unsplash

Bitcoin’s performance on the charts has been lauded as a sign of significant cryptocurrency movement in the digital assets industry.

The digital asset’s behavior caused many supporters to rally behind it and predict what might happen in the coming weeks. A popular analyst and cryptocurrency enthusiast, Josh Rager, claimed:

“$BTC pattern has been a strong uptrend followed back a sharp pullback & then range 2 to 3 weeks before continuation. Don’t take this chart too seriously, as no one can predict price action, but Bitcoin likely ranges here. Total guess if BTC continues uptrend to new ATH afterward.”

Rager’s comments came on the back of Bitcoin’s price rise from June 19, carrying the asset to bullish zones. Analysts had predicted that Bitcoin would go through bearish drops before it hit ATH, a sentiment that was resonated by the cryptocurrency when it fell to $11.147.35. Bitcoin’s current $11,434 hold came at a time when its market cap crossed the $200 billion mark again. The trading volume for the coin clocked in at $19.023 billion with Coinbene and OEX sharing the spoils.

The chart above showed that the capital influx had increased in the Bitcoin ecosystem. As the Chaikin Money Flow indicators showed, the investments coming into the market was far more superior than earlier time periods. The uptrend predictions were given a boost when Bitcoin’s hash rate count reached a new milestone.

On July 7, data stated that BTC’s hash rate hit a record 74.5 million TH/s. Prior to this, Bitcoin’s hash rate was recorded to be 68.63 million TH/s on June 29th. As the ‘king coin’ heads towards its much-talked about 2020 halving, its mining difficulty also witnessed a spike to settle at 7.93 T.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.