Participants in the crypto community keep analyzing the prospects of further movement of the Bitcoin exchange rate. Many of them are still waiting for the growth, in the value, of the first cryptocurrency against the backdrop of a halving carried out on the Bitcoin network.
Therefore, a popular analyst in the crypto community under the nickname PlanB hastened to recall the prospects of the growth of the BTC exchange rate against the background of halving. For this, the expert cited a chart that displays the movement of the crypto asset in periods after halving the event.
— PlanB 🔴 (@100trillionUSD) June 11, 2020
Earlier, the specialist drew attention to the fact that first cryptocurrency is entering a phase of active growth. In his opinion, this is evidenced by the signals of the forecasting model he developed.
Many users believe that Bitcoin will be able to realize the long-awaited growth after exiting the flat within the “triangle”. Technically, the figure will be completed by early July.
Bitcoin and Altcoins Ending the Week with Loss
At the same time, the market is trading in the red zone. All cryptocurrencies from the TOP 10 of CoinMarketCap resource capitalization ratings ended the week with drop. At the press time, Bitcoin is trading at $ 9,468. During the last 24 hours, the cryptocurrency lost 3.56% of the value. EOS and Bitcoin Cash suffered the most. The assets’ prices declined by 6.54% and 5.85%, respectively.
Many participants in the crypto community believe that the current decline in the value of BTC is the result of opening a large number of short positions, with which traders earn on a fall in the value of assets. The head of Waves project, whose cryptocurrency is at 58th place in the CoinMarketCap capitalization rating, Sasha Ivanov, criticized the actions of such market participants.
Bitcoin (BTC) Dominance
Also, participants in the crypto community are actively discussing the topic of BTC dominance in the digital asset market. Many believe that a rebound from peak values can trigger a drop in indicators.
In parallel to disputes about the future of BTC, investors drew attention to the growth in the number of bitcoin without movement. At the moment, the amount of cryptocurrency that its owners probably purchased for long-term storage has approached the maximum values recorded in 2016.
An analyst at Capriole Investments, Charles Edwards, believes that a decline in the value of Bitcoin in the current environment could lead to the surrender of miners.
Bitcoin Hasrate Drops
Meanwhile, the BTC hashrate, after a slight increase, demonstrates negative dynamics again. At the press time, the indicator returned to the level that was recorded on December 22, 2019.
Recall, that earlier, popular crypto analyst PlanB brought up a crucial condition that he thinks would help Bitcoin grow further in the crypto market due to the Bitcoin-ETF release.