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Tag: bitcoin asset

  • Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

    Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

    The Bitcoin network mining difficulty has surged nearly 4% to hit an all-time high just a few days before the highly anticipated Halving event. This adjustment, recorded at 86.4 trillion, marks a crucial milestone in the cryptocurrency’s history.

    Decrypting Bitcoin’s Mining Complexity

    Notably, Bitcoin mining difficulty measures miners’ complexity in solving mathematical puzzles to validate transactions and add new blocks to the blockchain.

    This latest surge reflects the increasing computational power dedicated to securing the network as miners brace themselves for the impending Halving event scheduled for April 20.

    As the mining difficulty continues to soar, miners ramp up their hash rate, representing the total computational power contributed to the network.

    This surge in hash rate underscores the growing interest and investment in Bitcoin mining infrastructure, highlighting miners’ commitment to secure the network and reap rewards amidst the evolving landscape of crypto mining.

    Bitcoin Hashrate and Difficulty Level. | Source: mempool

    Bitcoin Bullish Sentiment Amid Rising Mining Difficulty 

    The surge in mining difficulty and hash rate comes amidst a bullish sentiment surrounding Bitcoin’s price and its potential for further growth.

    The impending Halving event will see block subsidy rewards reduced from 6.25 BTC to 3.125 BTC, potentially impacting miner revenues and the overall network dynamics.

    Despite these uncertainties, as the halving event draws nearer, Bitcoin has demonstrated resilience, maintaining its upward trajectory. Over the past week, the cryptocurrency has surged approximately 2.5%, with a 1.5% increase in the last 24 hours alone.

    Bitcoin (BTC) BTC price chart on TradingView
    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    As of this writing, Bitcoin trades at $69,921, reflecting its bullish momentum. Amidst these slight positive price movements and the impending Halving, Bitcoin enthusiasts and analysts have continued to express optimism, instilling confidence in investors and traders awaiting a potential BTC price spike.

    Notably, prominent figures like Robert Kiyosaki, author of “Rich Dad, Poor Dad,” have recently echoed bullish sentiments, endorsing the price predictions put forth by Ark Invest founder Cathie Wood.

    Wood forecasted that Bitcoin’s price could skyrocket to $2.3 million, emphasizing the cryptocurrency’s potential amidst a global investment base valued at roughly $250 trillion. Kiyosaki expressed his confidence in Wood’s prediction, highlighting her intelligence and expertise.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Samuel Edyme

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  • Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

    Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

    Global investor Dan Tapiero recently shared his optimistic outlook for Bitcoin (BTC), suggesting that the leading cryptocurrency soars above the $200,000 mark might be on the horizon.

    Tapiero, known for his investment insights and co-founding roles in Gold Bullion International and 10T Holdings, took to X to express this bullish sentiment.

    Catalyst That Could Drive Bitcoin To $200,000

    According to Tapiero, a significant macroeconomic factor is expected to drive Bitcoin’s price to new heights, offering investors an opportunity for substantial gains. Tapiero’s bullish stance on Bitcoin’s future price trajectory revolves around a unique correlation he observed in the market.

    Particularly, the expert highlighted concerns about “monetary debasement” driven by a notable 60% increase in the Treasury market over the past five years.

    This factor leads Tapiero to anticipate a surge beyond $200,000 for the digital gold, Bitcoin. While acknowledging the potential for gold to perform well in such a scenario, Tapiero remains particularly bullish on Bitcoin’s prospects.

    Bitcoin’s Recent Performance And Analyst Insights

    In the past 24 hours, Bitcoin has exhibited bullish momentum, surpassing and reclaiming the $71,000 price level. With a 2.6% increase over the week and a 3.1% surge in the last 24 hours, Bitcoin’s upward trajectory continues to attract attention from investors and analysts alike.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Notably, the current price performance of the asset coincides with a notable event: over 600 BTC of $100,000 strike call options have recently been traded in a Block trade. This significant development, as illuminated by Greek Live, carries a notional value of up to $45 million, with $8.5 million worth of premiums alone.

    Greeks Live further reported that this occurrence has propelled the entire market into a prolonged bullish momentum. In addition, with the halving event on the horizon, the prospect of reaching new all-time highs, including the milestone of $100,000, appears to be within reach.

    Echoing Tapiero’s optimism, analyst Michael Van De Poppe has also recently emphasized Bitcoin’s potential for unprecedented growth.

    According to Van De Poppe, despite encountering resistance, Bitcoin’s ability to break through key levels could pave the way for a surge towards new all-time highs, with projections reaching as high as $300,000 in the current bull run.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Samuel Edyme

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  • Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation

    Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation

    Renowned crypto analyst Jelle has caught the attention of the Bitcoin (BTC) community with his bold prediction of a target price of $82,000.

    Notably, despite recent challenges in breaking above the $66,000 mark, Bitcoin currently hovers around $67,780, showing resilience in the face of a short-term pullback.

    BTC To $82,000 Soon?

    In an X post uploaded earlier today, crypto analyst Jelle shared his latest view on Bitcoin. According to the analyst, the Bitcoin target “remains the same: $82,000”.

    It is worth noting that Jelle’s forecast is based on his observation of a “bullish pennant” formation, a technical pattern that suggests a potential surge in the price of BTC. According to the analyst, the asset might experience some volatility this month.

    Jelle emphasized that a bullish pattern is forming, coinciding with the upcoming BTC halving in a few weeks. This adds credibility to the emerged bullish pennant formation and the possibility of Bitcoin reaching $82,000 shortly.

    Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years or after every 210,000 blocks are mined to reduce the reward for mining new Bitcoin blocks, ultimately decreasing the supply of new coins.

    Historically, the event has triggered bullish price movements, as reduced supply often leads to increased demand and speculative buying. The Bitcoin halving is currently less than 20 days away.

    Bitcoin Latest Price Action

    While BTC has faced challenges in its upward trajectory over the past week, recent movements suggest a shift in momentum. Within the last 24 hours alone, the asset has shown a promising 2.7% increase, rising from a low of $65,135 to its current trading price of $67,628.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Despite this positive movement, BTC still reflects a decline of approximately 6.4% over the past 7 days. However, amid this fluctuation, analysts such as Captain Faibik foresee the potential for a significant rebound in Bitcoin’s value before April concludes.

    Captain Faibik’s analysis, mirroring the sentiments of fellow analyst Jelle, focuses on Bitcoin’s bullish pennant formation observed on the 12-hour timeframe chart. This formation suggests an imminent breakout towards the upside.

    If this breakout materializes successfully, BTC could soar to unprecedented levels, with projected price targets ranging from $88,000 to $90,000 by month’s end, according to Captain Faibik.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Samuel Edyme

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