The bitcoin hashrate is beginning to climb for the first time since the crash

You can see it here:

What does this mean?

Well there are two schools of thought on this.

1. Hashrate follows price. If you believe this to be the case then this doesn’t really mean anything. Price goes up hashrate goes up.

2. Price follows hashrate. This is the one that could signal a reversal of the crash. If this is the case and the hashrate continutes to climb we could see bitcoin reach its next support level at 42000 and maybe even 48000 if things go well.

The problem is no one knows which case it is. Experts don’t agree and they can’t because there isn’t enough data on a long enough timeframe.

Just thought it was interesting.

View Reddit by BillTheCommunistCatView Source

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  1. I think it is to early to go up again, but time will show. No one knows for sure.

    Btw. The only positive thing that happened to me since the crash, is that i stopped looking at crypto every minute. I am a HODLER so it was kinda problem.

What do you think?

This guy has a reasonable theory on why the price is going down

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