2/19 ANDY HOFFMAN (CryptoGoldCentral.com): For The Millionth Time, ALL That Matters To BTC Price Is Hash Rate – Which Is Rising Anew!
I’m not going to link to the half-dozen articles I’ve written about how hash rate is the most important determinant of Bitcoin pricing – as ultimately, it sees through the noise created by everything from TA FUDsters to SV attacks and ETF disapprovals.
Even after the SV attack – that broke the Hoffman Line, and caused crypto to plunge 50% in a week’s time – Bitcoin’s hash rate declined to a level that was still more than 50% above the year-ago level; and after bottoming – nearly coincident with the price – in mid-November, it has been rising since.
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#1y
In the past week, Bitcoin’s hash rate reached 50E, compared to the pre-SV (all-time) high of 60E, and the year ago level of just 22E. In other words, the all-time high is within reach, with the price of Bitcoin (and ALL cryptocurrencies) roughly 80% below their all-time highs.
https://twitter.com/Andy_Hoffman_CG/status/1097644787052597248
In other words, though no one has a crystal ball of what comes next, the odds that the crypto bear market is over have never been higher. I have NO DOUBT crypto will play an important part in the global financial future – the question being, how important, how broad, and how soon?
nice