Journalist and former Wall Street trader Max Keiser has expressed his views that with the Bitcoin hash rate reaching another all-time high and 15% spike this month, an increase in the value of Bitcoin will be triggered.
Sharing a post on Twitter illustrating the growing hashrate in a graph, Keiser wrote: ”My mantra since $3. Price follows hashrate. If you don’t understand this then you don’t understand Bitcoin.”
— Max Keiser (@maxkeiser) June 19, 2018
The Bitcoin hashrate saw a 15% gain through June before reaching the highest levels to date, despite a decline in transaction volumes and Bitcoin’s price valuation. This growth strongly indicates more parties are choosing to invest in the cryptocurrency despite the rocky market.
Hashrate refers to the aggregate computing power of the Bitcoin network, reflecting the number of tries a unit can make when attempting to solve one of Bitcoin’s computational puzzles required in the mining process.
Reaching the Bitcoin bottom
Keiser is not the only prominent industry figure to anticipate Bitcoin is ready to rebound.
Speaking to CNBC this week, president of commodities brokerage and trading firm Blue Line Futures Bill Baruch noted that Bitcoin’s recent price plummet was a sign of selling becoming exhausted. Now the price and volatility are stable, Baruch believes the bottoming process can begin.
He also advised investors not to sell Bitcoin below the price of USD 10,000, as he sees it as likely to have enormous payoffs for those willing to hold in the long run.
CEO of the Blackmore Group and Wealthchain Group, Phillip Nunn also reaffirmed his Bitcoin prediction this week, standing by his belief that the cryptocurrency would reach USD 60,000 by the end of the year.
Nunn had also expressed a belief that Bitcoin would drop to USD 6,000 in the first half of the year, which has already been met. Nunn, however, believes it is predominantly blockchain technology that will lead to the boom of cryptocurrencies.
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