The road to $10K is real now for Bitcoin and according to many experts, ever since the investors got a taste of the parabolic price action in early 2019, the five-digit price has been the main target. Luckily, the latest cryptocurrencies news show nothing but gains.
Fortunately for the bulls, they soon might get more of the rapid upward movements in the crypto market, knowing that there is a confluence of factors which could send Bitcoin above its $20,000 all-time high set in December of 2017.
According to one crypto analyst known as The Moon, the road to $10K is paved with new surges especially after the BTC hash rate “just hit” a new all-time high at over 123 exahashes per second. This, as you may not know, is an astronomically large number of hashes being computed each second in order to process BTC transactions.
As The Moon noted in his tweet, this is a clear sign that BTC is “screaming for a huge bull run leading into the halving.” Speaking of which, the halving is the event which can certainly bring a lot of new gains for Bitcoin and the one which supports the road to $10K.
The #Bitcoin hash rate JUST HIT a new ALL-TIME-HIGH!
A whopping 123,011,832 TH/s!!!
The $BTC fundamentals are screaming for a huge bull run leading into the halving! 🚀
BULLISH!! pic.twitter.com/HB6JLSy6V0
— The Moon (@TheMoonCarl) January 30, 2020
All of this comes shortly after Bitcoin’s difficulties of mining saw a strong surge, cementing the idea that miners are bullish heading into the halving. This could support strong price appreciation in the long run.
Also, as previous reports from the outlets show, a Google Trends analysis of the “buy Bitcoin” keyword suggests that BTC is solid on the road to $10K and may see another parabolic surge very soon.
Another analyst with a nick CryptoKea is also in the Bitcoin news now, noting that the trends for this search tern have hit a seven-month high which is the highest since June 2019. The metric has also hit a “10” on a long-term basis with a maximum of 100 on the scale.
1/ Googling for "Buy Bitcoin" just reached a 7 months high (Score 9). The long-term upwards trend is undeniable. The last time the score reached a 10 was:
Nov '13 (bull top),
May '17 (price on parabolic run-up),
Jun '19 (medium-term top)
>Feb '20 (price on parabolic run-up?) pic.twitter.com/tkdXIEvM3Q— CryptoKea (@CryptoKea) January 20, 2020
All in all, the technical factors behind BTC suggest that the road to $10K will be difficult but the most dominant coin may drive fast towards achieving new five-digit levels. Currently, what is most important is for the $9,300 support to be cemented so that BTC could tackle $9,500, followed by $9,700 and then the $10,000 levels.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post