According to many analysts, the $14,000 price that bitcoin reached on Halloween this year wasn’t a fluke. They claim that bitcoin has become much stronger in recent weeks, and that the currency is likely to reach this position again soon.
Bitcoin Will Hit $14,000 Again This Year
There are several reasons as to why bitcoin is likely to hit $14,000 again in the coming days. According to key indicators and technical charts, Google searches pertaining to bitcoin have slowed down heavily in recent times, yet the currency has thus far managed to stay above $13,000 for at least ten full days. In addition, the asset has risen by more than $10,000 in just the last seven months alone, jumping from the high $3,000 range to the $14,000 October 31 figure.
Despite all this, bitcoin searches on Google have risen only in areas such as Cuba. In addition, the monthly tweet volume for bitcoin has only jumped by roughly 15 or 16 percent. Many analysts believe this to be a sign that bitcoin is still in its early bullish phase, and that the currency is likely to jump up even higher in the coming weeks.
In addition, the bitcoin hash rate has remained consistently high over the past 30 days. The hash rate determines the safety and resilience of the bitcoin network. The higher it is, the stronger bitcoin is likely to be. According to Blockchain.com, the hash rate for the world’s number one cryptocurrency by market cap has exceeded 130 million tera hashes per second and has remained at this level for some time. Granted the currency can keep up this momentum, things are likely to turn out well for the asset.
Lastly, despite reports of early selling and a process known simply as “profit taking” – in which the minute bitcoin shows any sort of promise, several investors sell all or part of their stashes and rake in on short-term profits – hodling has reached an all-time high. Hodling means that many traders and crypto investors are not moving their currencies around. They are not shifting their coins and are simply keeping them locked up in their accounts, refusing to touch them.
More People Are Holding Onto Their Money
This can be a powerful tool in pushing BTC forward in that the process allows the currency to regain stamina and energy, thereby boosting its price. The HODL Wave chart says that there is now more hodling going on than at any other time during bitcoin’s short, yet significant history. It shows that more people are simply holding onto their coins for now and clearly expect something big to happen.
Bitcoin has fallen a bit in the past couple of days, but many industry experts fully expect the asset to rise back up to the top of the financial ladder in relatively short time.