The Bitcoin bull run has ‘at least 6 months to go’ – here are 5 things to keep an eye on this week in Bitcoin. What’s next for Bitcoin (BTC) as it begins a new week?. Off its first attempt to break $50,000 in over a month?.
Following a positive weekend, BTC/USD now faces a more bullish macroclimate. As well as a slew of analysts’ hopes that October will be a game changer.
They claim that Q4 will be unlike anything witnessed so far in the current Bitcoin bull run. And that there are still more than six months to prove it.
With the first full week of “Uptober” approaching. Cointelegraph examines what variables may be next to impact the market in the coming days.
Markets brace for “Tumultuous Ride” this October
Although stocks had a flat September. The first few days of the new month have already demonstrated how a little good news. It may cause Bitcoin to outperform the broader pack.
In September, the S&P 500 index fell 5%. BTC/USD finished the month around $4,000 lower than it did in August.
However, since Oct. 1, the pair’s fortunes have firmly set a different tone. Positive headwinds for the Bitcoin bull are likely to persist. Despite expectations for stocks to rally at the expense of the US dollar.
In a CNBC piece published over the weekend, Sam Stovall. He is also the chief investment strategist of research firm CFRA, and was quoted as saying about. The broader financial market, “Q4 2021 will certainly post a higher-than-average return.”
“However, investors will need to hold on tight throughout October’s normally bumpy ride. Which experienced 36 percent higher volatility than the previous 11 months’ average. “
The vote on the US infrastructure plan. Which had been scheduled for last week, has now been postponed until at least Oct. 31.
$50,000, But not yet
Bitcoin is certainly gearing up an attack on the all-important $50,000 mark. After hitting $49,000 over the weekend, just not quite yet.
Despite bullish impulses, the latest break to the upside came on Sunday. Was met with a strong rejection and a plunge of about $2,000 as a result.
However, others rejected this as a negative signal. Claiming that any BTC price drop would be brief.Michaal van de Poppe, a Cointelegraph contributor, was one of them, repeating his recent prediction about a temporary pullback. Followed by a new strong breakout on the day.
New hash rate all-time highs trickle in
You can never be sure, but according to certain estimations. Bitcoin’s hash rate has already surpassed previous highs.
Data sources suggest that the fundamental metric has entirely compensated for the turmoil. Less than five months after China triggered a huge movement of miners and equipment due to a regulatory crackdown.
Not only that, but the hash rate may have recently surpassed 200 exahashes per second (EH/s). It is now 32 EH/s faster than it was previously.
Measuring the hash rate is challenging since it depends on the amount of mining power committed. To Bitcoin, it is impossible to determine precisely. Therefore, any representation is merely a guess.
On October 2, other websites reported varying figures. CoinWarz reported 201 EH/s, while MiningPoolStats now has only 138 EH/s. The overall increase is undeniable.
The Bitcoin network’s fundamentals remain firmly in “up only” mode. Indicating miners’ long-term belief in profitability.
“Earlier this year, China expelled roughly 90% of bitcoin miners from the nation. As a result, the hash rate dropped by about 50%,” Morgan Creek. He is also the digital co-founder, Anthony Pompliano, said of the statistics.