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Veteran Analyst Says “I Expect a Rally in Bitcoin”, Explains Why

Author: Content Editor
Cryptocurrency analyst James Van Straten believes that the recent divergence between Bitcoin's price and hashrate could signal a potential rally for the cryptocurrency. Historically, such divergences have led to a market recovery, with Bitcoin rallying to catch up with the rising hashrate after hitting a local bottom. Bitcoin has already rebounded from its low in September, gaining 15%, while the hashrate reached an all-time high. The increase in hashrate is attributed to the activity of publicly traded mining companies. Van Straten expects them to continue increasing their activity and take a larger share of the network's hashrate. Despite September being historically bearish for Bitcoin, the price rise this month, combined with the divergence with hashrate, could indicate a forthcoming rally. The upcoming Bitcoin difficulty adjustment and potential slowdown in hashrate growth also support this theory. However, external market factors could also influence price movements.

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