Bitcoin price follows Hashrate

Bitcoin price follows Hashrate

bitcoin
April 25, 2019 by Hitesh Malviya
2968
You can argue with me on this statement, But it’s true. I have been following daily Hashrate for last three months, and also included in my daily bitcoin analysis on my twitter updates, What I found is pretty interesting – Price did follow Hashrate over 90% of the time. Hashrate could be used as a
Bitcoin price follows hashrate

You can argue with me on this statement, But it’s true. I have been following daily Hashrate for last three months, and also included in my daily bitcoin analysis on my twitter updates, What I found is pretty interesting – Price did follow Hashrate over 90% of the time. Hashrate could be used as a fundamental indicator to predict bitcoin price action which has close to 90% Accuracy. Let me share some price action examples with co-relation to hashrate.

BTC/USD Daily (Bitstamp)
Hashrate Chart 180 Days
  • #1 6-7 Feb’19: Hashrate jumped, Price pumped the next day.
  • #2 23 Feb’19: Hashrate dropped, Price dropped the next day.
  • #3 14-15 March’19: Hashrate jumped, Price pumped the next day.
  • #4 2 April’19: Hashrate jumped, Price pumped the next day.
  • #5 9 April’19: Hashrate dropped, Price dropped a day after.

Conclusion

In most of the case, Bitcoin price follows Hashrate next day, but sometimes Price follows hashrate on the same day as well. I have given you a hint, You can try comparing historical hash rate charts with Bitcoin price charts to create your own results.

Follow my Daily Bitcoin updates at: https://twitter.com/hmalviya9

Hashrate has jumped over 25% yesterday, we have fair chance to see some positive price action in next 24 hours.

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