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23 October 2020

Dollar dip meets hash rate boom: 5 things to watch in Bitcoin this week

Dollar dip meets hash rate boom: 5 things to watch in Bitcoin this week

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5 things to watch in Bitcoin this week?

Bitcoin (BTC) starts the week above $11,000 as fresh gains continue to hold — is $12,000 next or will bears gain control.

Cointelegraph takes five factors that could help decide whether this week is bullish or bearish for BTC price action. .

Last week, Cointelegraph reported an opinion that, regardless of who wins in November, safe havens will win thanks to the election result, with one analyst eyeing a $4,000 price target for gold. .

Leading the way is China, where a weakening yuan and investors hopeful that an upcoming speech from president Xi Jinping will serve to entice more foreign investment.

Depending on the metric used, hash rate hit new all-time highs over the weekend, suggesting that more computing power than ever is being dedicated to mining. .

Hash rate is difficult to measure precisely, and different tools produce different results, but the trajectory is clear: Bitcoin miners are bullish.

As Cointelegraph often reports, a popular theory suggests that highs in hash rate and jumps in network difficulty tend to produce Bitcoin price rises later on. .

Difficulty has yet to show signs that it will follow hash rate to new records in the short term — estimates on Monday showed that the next readjustment will be neither up nor down, just like the last

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