Famous analyst spoke: “Bitcoin (BTC) rally is imminent!”

James Van Straten, known for his cryptocurrency analysis, announced that he expects a rally in Bitcoin ($BTC ).

ames Van Straten shared his views on the recent price movements of Bitcoin (BTC), stating that this indicates an increase caused by the divergence between the price and the hashrate, which is the total processing power of the network.

According to Van Straten, such divergences cyclically signal a recovery in the market; Bitcoin usually recovers by catching up with the rising hashrate after the price reaches a bottom.

“Historically, these divergences have only occurred a few times in the last three years,” Van Straten said. “In some cases, the Bitcoin price reached a local bottom during these events and then experienced a rise as the market caught up with the increasing hashrate.” he added to his statements.

Bitcoin has rebounded from testing $54,000 on September 6, rising nearly $9,000 (15%). The divergence between Bitcoin’s price and hashrate began in July and continued until early September, when the network’s processing power reached an all-time high of 693 exahashes per second (EH/s) on a seven-day moving average.

One of the key drivers behind the increase in hashrate is the increased activity of publicly traded mining companies. Before Bitcoin’s halving, hashrate peaked at 650 EH/s, but fell to 550 EH/s in June as some miners pulled out of the market due to increased competition.

According to TheMinerMag, public miners currently account for about 23% of the total Bitcoin market, the highest share since January 2023. Van Straten expects this trend to continue, with these miners taking a larger share of the network’s hash rate as they try to remain profitable post-split.

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