As Bitcoin hashrate has reached a new all-time high and no miners seem to be capitulating to sell their gear, the Bitcoin price is holding in the $7,400 area and some cryptocurrency traders believe it is going to keep rising as a new bullish cycle has begun.
‘A new bullish cycle has started’
In his recent tweet, crypto trader @IamCryptoWolf draws the community’s attention to Bitcoin’s 1-month chart. He says that the moving average convergence-divergence index (MACD) has crossed the bullish mark after a year of the bear market.
A new bullish cycle for Bitcoin has just started, he states.
Bitcoin. 1 Month chart
Flag the MACD simple MA oscillator.
MACD has crossed bullish after over 12 months of bear market.
A new bullish cycle has just started. pic.twitter.com/hlfV01w8dE
— CryptoWolf (@IamCryptoWolf) December 24, 2019
Image via Twitter
‘Crossing $7,870 may would take BTC higher’
Crypto trader Scott Melker points at the $7,870 level on his chart marked with a blue line and says that breaking that resistance level and turning it into support would confirm the double bottom pattern and allow Bitcoin to go higher.
The blue line is the key. Breaking that line and flipping it to support would confirm the double bottom and concurrently make a higher high. If that happens, I believe we will have found our bottom and be continuing up. pic.twitter.com/5e5XvPnVW5
— The Wolf Of All Streets (@scottmelker) December 23, 2019
Image via TradingView
‘Bitcoin looks really good’
Trader D.I.Y. Investing (@vajolleratzii) says that Bitcoin looks really good. He states that the bearish momentum is going away, since the daily RSI shows a major bullish divergence forming.
#Bitcoin looks really good even though I don’t expect this to be the bottom. Major bullish divergence forming on the daily RSI shows bearish momentum is dying out. Hash rate also hit a new ATH.
Still watching my next bids at $6,300, $5,800, and $5,300 to get filled. BTFD
— D.I.Y Investing (@vajolleratzii) December 23, 2019
Bitcoin hashrate hits a new ATH
As reported by U.Today earlier, the data from BitInfoCharts shows a surge in the Bitcoin hashrate. Currently, it has hit the 111.86 EH/s level.
Some experts believed that prior to the approaching Bitcoin halving in May next year many Bitcoin miners would decide to quit the business since they would be getting twice less Bitcoin than they do now. One of those experts was a co-founder of the Morgan Creek Digital fund.
Tim Draper: women will take BTC to $250,000
The major Bitcoin bull Tim Draper believes that within half-a-year after the halvening, the price of BTC will hit the $250,000 mark due to the use of the Lightning Network and since he expects more women to start using BTC. Nearly 50 percent of daily retail shopping is done by women, Draper says.
Only the most important posts per day. Infographics, analytics, reviews & summaries.
Join our Telegram channel!
Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.