Bitcoin analyst predicts rapid growth in the Bitcoin price by the next month.
Bitcoin is all set to cross and trade above $10,000.
Markets are more certain and hence the possibilities of BTC breakouts are high.
Bitcoin To Hit $10000 in August
Bitcoin nowadays has maintained a very narrow trending range of $9100 to $9400. Moreover, it had crossed $10000 in June 2020 but later slipped back below within no time. From then on, Bitcoin is making every effort to regain the same position.
According to an exchange, InstaSwap, Bitcoin price is all set to soar high and cross $10000 this august 2020. In a tweet, it mentioned that analysts say all the indicators from the past three weeks have pointed at the possible breakout for BTC in the coming days.
Is the Rise in Hash Rate the Indicator?
As Coinpedia reported earlier, Bitcoin hashrate has reached the all-time high of 124TH/s after witnessing a decline post halving event.
A rise in hash rate indicated that many people are mining bitcoin and hence the price is also expected to shoot up very soon. Therefore, the hash rate could be one of the main aspects analysts consider to come up with predictions.
Bull Market for the Digital Asset
Known on-chain analyst Willy Woo also predicted an exponential bullish trend for BTC. Releasing a new price model for Bitcoin, Willy Woo said that the coming month that’s August 2020 will witness an official bull market for the digital asset.
According to Willy Woo, Bitcoin was all set for an uptrend run but the COVID-19 had put a break in between. But now, Bitcoin is prepared for yet another bullish run in the very near future, probably next month.
Timothy Peterson, CFA & CAIA, one of the leading experts on cryptocurrency investment and valuation at Cane Island Alternative Advisor also predicted good days coming for Bitcoin in August 2020.
In his tweet, he says that, if the current lowest price forward trend holds, then next month Bitcoin prices are set to cross the $10000 mark and would never fall below again.
Gathering Every Note Collectively, we can say that Bitcoin’s price was always a trending topic of all times. Almost every person, regardless of whether a crypto follower or not, always tends to know the future of cryptocurrency especially Bitcoin.
That being said, analysts are bullish at Bitcoin’s value in the very near future.