U.Today – Since the price of (BTC) soared to an all-time high (ATH) of $73,750 in March, it has not traded near this level again. This is despite the Bitcoin halving event on April 20, which further deflated the issuance rate of the digital currency.
Given the recent trends, CryptoQuant analyst JA Maartunn has shared an analysis that hints at BTC's possible rally in the future.
Bullish case for Bitcoin
At the time of writing, Bitcoin price has fallen 13.32% from its ATH to $63,716.71. While some might consider the coin to be non-yielding, Maartunn is not. He noted that six months after the halving, the hash rate continued to grow.
“Hash Rate is one of Bitcoin's most fundamental metrics. It measures the amount of computing power being contributed to the Bitcoin network, expressed in TH/s. It currently stands at an impressive 683 million TH/s,” he said in a post. in X.
He also highlighted the sustained efforts of current Bitcoin miners to participate in the game despite the challenges associated with mining the currency. This determined pursuit of the remaining Bitcoin in circulation is one of the reasons he is bullish for the long term.
Bitcoin Central Advocates
In addition to JA Maartunn, Bitcoin also has vocal proponents who believe the asset is headed to a price of over $100,000 very soon. In characteristic fashion, MicroStrategy President Michael Saylor recently noted that “Bitcoin is winning,” a statement amid the currency's recent rally.
Companies around the world are making many gestures in line with their confidence in the trajectory of Bitcoin's price. Metaplanet has once again topped its bag by over 100 BTC, the same amount it has made in recent months.
In addition to direct acquisition, institutional buyers are also gaining exposure to BTC through spot Bitcoin ETF products in the US, UK, and Hong Kong, among other places.
This article was originally published on U.Today.
