#bitcoin #crypto #cryptocurrencies
I explain the historic update to Bitcoin’s blockchain and what it could mean for price in the short-term
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Here’s a breakdown of this historic update to the Bitcoin blockchain. The difficulty has been adjusted which means that hash rate has increased as miners are returning to the crypto space. Miners wants to mine Bitcoin again as it has once again become profitable as the difficulty has experienced a decline. Miner revenue has therefore increased most recently. Hash rate has increased and as a result, the amount of time it takes to mine a block will now decrease from its all time high level of 12.5 minutes to 10 minutes.
These reversals in block interval tend to precede reversals in Bitcoin’s price as well. This also ties in with the second wave of miner capitulation that is likely to happen once this price reversal for BTC occurs. A Higher Low tends to form in terms of the unrealised profit and losses for miners and so based on this, a decline to reach another major lower may be on the cards.
The 2 year moving average tool also suggests this as BTCUSD is forming a wedging structure below the 2 year moving average. The 2 YMA showcases an area of outsized return on investment and so it is prime time to become a Bitcoin investor, as per the indicator. The MVRV also suggests a Higher Low may be on the cards which ties in with another retrace as well.
As fears of a recession subside, Bitcoin’s price could do well, especially with its upcoming Bitcoin Halving. However, the recession is only pushed back in the short term via quantitative easing (money printing), but the effects of a recession will very much be apparent going forward. For instance, US jobless claims have reached unprecedented highs. So while fears of recession are subsiding for now, the effects of the recession will continue to show up.
The US has become a global leader for coronavirus cases today, surpassing China. Italy will most likely surpass China as well tomorrow. New York state is the hub for the coronavirus cases in the US. But overall, many countries continue to showcase exponential growth rate curves. The UK also has such a curve and Boris Johnson Prime Minister of the UK has recently contracted the virus.
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