Scheduled for Feb. 15, 2024, the upcoming Bitcoin difficulty retarget is poised to mark a notable upswing in the network. Current projections forecast an estimated difficulty surge ranging from 8.45% to 9.2%, setting the record for the steepest increase of 2024 thus far. Bitcoin Difficulty Poised for a Steep Increase This week, bitcoin (BTC) mining […]
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Bitcoin’s hash rate has reached an unprecedented high, marking a fourteen-day moving average of 566 exahashes per second (EH/s). This surge follows Feb. 2, a 7.3% rise in difficulty adjustment, bringing it to a record-setting 75.50T.
Over the past three weeks, since the Texas freeze-induced low, the hash rate has skyrocketed by 12%, further reinforcing the network’s resilience to external shocks. If this hash rate acceleration continues, the next difficulty adjustment epoch, scheduled around Feb. 15, is projected to adjust upwards between 7 and 12%, according to Newhedge.io.
This heightened hash rate has not only brought forward the projected halving date by a day to April 19 but also signifies the network is approximately 10,500 blocks away from this significant event, according to Clarkmoody.com. This upward trend in hash rate and difficulty adjustment reflects the increasing interest and heightened activity within the Bitcoin network.
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Crypto Rand, a renowned crypto trader, has shared insights on the current market corrections, emphasizing the necessity of these corrections for sustainable market ‘growth.’
The trader, who disseminates his views on X, stresses that despite the evident pullbacks, the crypto market’s macrostructure remains “intact.”
This perspective comes at a time when most crypto assets, including Bitcoin, have experienced significant price drops over the past couple of days.
Crypto Rand’s leveraged the price action index of various cryptocurrencies, such as Cosmos (ATOM), Chainlink (LINK), NEAR Protocol (NEAR), Algorand (ALGO), and MultiversX (EGLD), among others to highlight his point.
Rand identifies multiple resistance levels in these assets’ trajectories, suggesting these as potential points for market turnaround. These resistance levels are categorized as major or minor, depending on the frequency and intensity of price actions historically observed at these points.
Despite the temporary pullbacks that these resistance levels might introduce, Crypto Rand views them as necessary pauses that allow the market to gather strength for future upward movements.
This perspective is particularly relevant in light of Bitcoin’s recent price behavior. The flagship cryptocurrency has seen a notable dip from its recent high of $44,000, currently trading just below $42,000.
This downward trend has echoed across the crypto market, impacting other major assets like Ethereum including altcoins Rand mentioned like Chainlink, and Algorand.
Over the past 7 days, BTC and ETH have experienced declines of 4.4% and 2%, respectively. Meanwhile, Chainlink has seen a 6.9% drop during the same period, and Algorand has fallen by 4.1% in just the past 24 hours.
Always be ready for more shakeouts, but remember, these corrections are needed for healthy growth.
The Mid Caps for example got rejected on the main resistance, but overall macrostructure remains in tact.
⚡️ INDEXED: $ATOM, $LINK, $NEAR, $ALGO, $EGLD and more. pic.twitter.com/YKUhwyRM9C
— Crypto Rand (@crypto_rand) December 13, 2023
The sentiment that market corrections are a healthy and necessary aspect of growth is not exclusive to Crypto Rand. William Clemente, the co-founder of Reflexivity Research, echoes this viewpoint.
Clemente posits that the current market retraction, which could potentially bring Bitcoin’s price closer to $40,000, should “not be a cause for alarm.”
Clemente argues that this process is crucial for eliminating weaker market participants and reducing excess leverage, ultimately establishing a firmer foundation for future upward trends.
Clemente further articulates that the inherent volatility of Bitcoin should be perceived as “a feature, not a bug”. It is worth noting that this stance reinforces the notion that the crypto market is still evolving and that such fluctuations are part and parcel of its journey towards maturity.
BTC just ~doubled in 2 months with no pull backs, a correction is not that surprising.
Corrections shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.
Bitcoin’s volatility is a feature, not a bug.
— Will (@WClementeIII) December 11, 2023
Featured image from iStock, Chart from TradingView
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