Forex and Crypto News

Two key factors influencing the price of Bitcoin

19:17 24 September /2020

Mike McGlones, a Bloomberg strategist, highlighted two key factors that he believes have the greatest impact on the price of Bitcoin.

The first factor is the hashrate of the Bitcoin network. This factor is currently having the greatest impact on the price of Bitcoin. Since January 2020, the computing power used to mine cryptocurrency has grown from 98 exaches per second (EH/s) to 136 EH/s. The hashrate is growing because miners are confident in the long-term growth of the price of the cryptocurrency, therefore they are trying to mine as much Bitcoin as possible. Today Bitcoin hashrate is just over 136.5 EH/s.

The activity of wallets is the second significant factor influencing the price of Bitcoin.

The high activity of wallets with different numbers of coins stimulates the strengthening of BTC. After the growth of transaction activity in the Bitcoin network, there is almost always a price rally of Bitcoin.

According to the analyst, $15,000 will be the fair price for BTC at this stage. Then he expects to take new heights.

It's worth noting that McGlones had previously predicted a repeat of the Bitcoin price rally that we saw in the summer. Now the strategist believes that by December 2020 the Bitcoin price will come close to the $20,000 mark and will even be able to test it.

 

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