As it is known, the highly anticipated activity, the Bitcoin miner block prize halfway took place in May, and this has had several consequences. One of these results was the fact that small miners closed shutters with the block rewards halving. As a result, while transaction speeds slowed, transaction fees increased.
As the hash rate of the Bitcoin network dropped to 40%, a miner capitulation was observed and the eyes were turned to miners. As Bitcoin miners now continue with the new machines from where they left off, the path of recovery was made. Blockchain data firm Coin Metrics has reached hash rate half-levels according to the data of the CMBI Bitcoin Hash Rate Index, which takes us to bull fast.
Is Bull Running At The Door?
Preston Pysch, one of the cryptocurrency analysts, reminded the Bitcoin half in 2016 and commented:
“In the Bitcoin halfway that we experienced in 2016, the price moved sideways for 9 days and then a 28% decline burned. Returning to the half price took 100 days of the digital asset. ”
Following these developments, Bitcoin’s Hash Ribbons, which is considered an important indicator by the hash rate movements, also indicates the “Buy” signal. Crypto analyst Charles Edwards confirmed this; He said price acceleration and improvement could be seen in a little over a week.