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.
- #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.
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.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.