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

Van Straten evaluated Bitcoin’s recent price movements, stating that the divergence between the price and the network’s total processing power, hashrate, indicates an increase. According to him, such divergences are cyclical signs of recovery in the market; Bitcoin usually recovers with a rising hashrate after the price reaches a bottom.

“Historically, these divergences have only occurred a few times in the last three years,” said Van Straten, adding, “In some cases, the Bitcoin price reached a local bottom during these events and then a rise occurred as the market caught up with the increasing hashrate.” After testing the $ 54,000 level on September 6, Bitcoin recovered and gained approximately $ 9,000 (15 percent). The divergence between price and hashrate began in July, with the seven-day moving average of the network’s processing power reaching an all-time high of 693 exahashes per second (EH/s) in early September.

One of the key factors 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 percent of the total Bitcoin production market, the highest rate since January 2023. Van Straten expects this trend to continue, with these miners looking to take a larger share of the network’s hashrate as they try to maintain their profitability post-halving.

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