Bitcoin (BTC) may be gearing up for a bullish reversal if on-chain metrics are any indication, according to popular crypto analyst Michaël van de Poppe.
The analyst tells his 589,000 Twitter followers that Bitcoin’s hash rate has hit another all-time high, which has often historically preceded BTC rallies.
“Bitcoin hash rate has reached an all-time high, while crypto ban has been taking place.
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This shows that the demand for mining Bitcoin is increasing, the network is getting safer and eventually, the price will follow this metric.”
Source: Michaël van de Poppe/Twitter
Bitcoin’s hash rate measures the total computational power used to mine BTC and power transactions. It is also a key security metric as the higher the hash rate, the greater the network’s resistance against