BITCOIN PREPARES FOR THE NEW RALLY

Updated: 07/10/2019 11:05
Reprints/Permissions  Hyip Monitor
bitcoin new rally
Bitcoin prepares for the new rally according to the reports of Bloomberg analysts, possible resistance explained by high volatility, difficulty increases
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Bitcoin prepares for the new rally according to the reports of Bloomberg analysts, possible resistance explained by high volatility, difficulty increases

According to analysts at Bloomberg, conditions for a more aggressive bitcoin spurt have matured in the market. Moreover, the new rally will be qualitatively different from the previous highs of the coin.

In the middle of this week, the BTC was able to briefly break through the $13,000 mark, but could not resist at this turn and sank to $12,950. Now the capitalization of the BTC is just over $231.2 billion

The Bloomberg report says that the largest cryptocurrency actually overcame resistance and continues to hold fundamental positions.

Analysts emphasize: "Bitcoin has been following an upward trajectory since about February, periodically punching annual highs. In mid-June, Bitcoin reached its highest level since last spring, rising to $13,851 in just three days. Overall, BTC grew by more than 220% this year."

Many third-party experts fully agree with the Bloomberg forecast. For example, Edward Moya, one of OANDA's currency strategists, believes that for Bitcoin, a new breakthrough is now vital, since only in this case institutional investors will more actively move into the crypto-industry.

However, the same specialist is confident that the arrival of large players in the cryptocurrency industry is being hampered by the increased Bitcoin volatility.

Due to the risks associated with the security and high amplitude of fluctuations in the cost of the cryptocurrency, some investment funds and banks still refrain from investing in digital assets, Moya added.

Att the same time, over the past two weeks, the biggest increase in the complexity of Bitcoin mining has been recorded since last August. The BTC mining difficulty index changes approximately once every 14 days. The shift occurs after mining of every 2016 blocks. Thus, the average time spent on mining a block is ten minutes. The complexity of bitcoin mining increases with increasing competition between the teams of miners. Currently, the BTC network hashrate is just over 67 EH/s. According to analysts at BTC.com, a new mining cycle could start with the complexity of mining by another 14%. As a result, this figure may exceed 10.3T.


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