The divergence between the Bitcoin price $BTC and the network’s hash rate suggests that Bitcoin’s price could be on the rise, a historical pattern that repeats itself as the market recovers from local declines. Since September 6, Bitcoin has gained 15%, with the hash rate hitting an all-time high of 693 hash/s.
Publicly traded companies have contributed to this rise by increasing their computing power, with their market share reaching 23%. They are expected to continue dominating the hash rate after the mining reward halving.
While September is typically a bearish month for Bitcoin $BTC , this year saw a 7% increase, suggesting that prices could be on the rise as the hash rate increases. The expected difficulty adjustment on September 25, which will drop 5%, could help push prices higher.
Miners have also started accumulating Bitcoin $BTC after a long period of selling, indicating a reduced supply in the market and a potential price increase.
