CandleFocus Bitcoin Price and Hashrate Divergence May Set the Scene for a Potential Rally, Historical Data Shows
2024-09-20
Author: Content Editor
Bitcoin's hash rate and price are showing a divergence, which could signal a potential rally in prices. Publicly traded miners have increased their market share and are accumulating bitcoin, reducing market supply and potentially raising the price. Historically, divergences between hash rate and price have led to price rallies. Bitcoin has already shown signs of recovery, gaining $9,000 since its local bottom in September. The surge in hash rate is attributed to the activity of publicly traded mining companies. September has traditionally been bearish for bitcoin, but this year has seen an increase in price, potentially due to the lower price and rising hash rate. The upcoming difficulty adjustment and miners accumulating bitcoin could also contribute to a rise in price.
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