Glassnode, a cryptocurrency research company and Bitcoin, has come up with an interesting new report. The key indicator indicates that Bitcoin bullrun is approaching. The predictions for BTC are increasingly positive. Despite the coronavirus epidemic and the rapidly changing Wall Street environment, cryptocurrencies are thriving.
Prediction for BTC: Historically, Bitcoin bullrun is behind the door
Glassnode tracked how many BTC addresses are in profit. This means how many addresses would be profitable if cryptocurrencies were monetized. This is a painstaking job, because each incoming transaction must be matched with a price that is then compared to today’s price.
So if most people hold their investments despite profit, they expect to grow further and refuse to sell. Such a phenomenon is common before big runs of bulls, when the price runs up tens of percent.
This trend is confirmed by the fact that today Bitcoin hashrate exceeded the highest value in its history. It has been doing this regularly over the last year and it seems that millions of investments are in the mining.
Despite $BTC's recent price drop, its hashrate has hit ATH and continues to climb.#Bitcoin's impending halving is getting closer each day, how do you expect price to react?— Binance Research (@BinanceResearch) March 2, 2020
Read about Bitcoin & its diversification properties in portfolio management. ⬇️https://t.co/RtlUWeTENW pic.twitter.com/T0OFWMbML1
At the time of writing, the king of digital currency traded for $ 8800. Bulls strike back after 20% drop.
Hodl, wait, mine…