Bitcoin mining difficulty just fell by a record 28% — But w | Best Crypto Traders Official
Bitcoin mining difficulty just fell by a record 28% — But will this help BTC price recover?
Bitcoin-BTC has recorded its biggest mining difficulty drop of nearly 28% on July 3, but one model suggests that the BTC price will not bottom until October.
In the tweets on July 2, investment manager Timothy Peterson flagged the relationship between Bitcoin price and hash rate as arguable evidence that the dip is not over.
Hash rate model: Long road ahead to Bitcoin bottom:
It is a classic mantra among Bitcoiners that “price follows hash rate” — but if that is true, one model charting the phenomenon is painting a sobering picture of future price behavior.
Timothy Peterson noted that the relationship between price and hash rate is “useful” when it comes to marking macro price tops.
Pick your end-of-year price showdown. The model is not the only source catering to a return to form for Bitcoin in the latter half of the year.
👉 Crypto Price Analyses, Which Are Worth Checking Out. 😎 Do you trade on Binance?. Click the link below, register, and receive 20% of a commission back:. https://www.binance.com/en/register?ref=...
