A prominent crypto expert predicts that the approaching Christmas holiday will be accompanied by a Bitcoin (BTC) rise.
The pseudonymous expert Kaleo informs his 552,400 Twitter followers that a joyous rally is imminent for the king cryptocurrency since no one is anticipating it as the hash rate stays high.
“Soon, Santa rally season will begin.” Since the bulk of opinions foresees a collapse, he believes it is likely that the reverse will occur.
He predicts that Bitcoin will “continue the grind to $17,500, then accelerate and begin the squeeze to $18,500.”
The hash rate, according to Kaleo, is a frequently observed metric that demonstrates Bitcoin’s strength. Since the FTX crash, he claims the hash rate has remained strong despite Bitcoin trading below $20,000 per coin.
“The Bitcoin hash rate is one of the most stunning charts currently available. After more than a month of Bitcoin trading below $20,000, miners have not yet capitulated.”
As the speed at which a miner completes an operation, the hash rate quantifies the processing power of the Bitcoin network. A greater hash rate signifies a more secure and robust network.
He questions how long the hash rate can continue to be that high. “The following indicator provides an overview of the relationship between the price of bitcoin and the cost of mining it. Obviously, there are several factors at play here, and certain miners may have considerably lower average expenses than others, but it does make you wonder how long it will be until someone gives up.”
However, several prominent crypto experts have predicted that Bitcoin’s price would certainly drop.
Capo, the crypto analyst who properly predicted the last big market crash, informs his 690,000 Twitter followers that Bitcoin will fall to about $12,000. At the time of writing, Bitcoin trades for $16,835.