Bitcoin hash rate broke yet another all-time high on Monday after it peaked at 82.5 TH/s. This is an indicator that Bitcoin price will rise to its all-time high very soon, Max Keiser stated. He tweeted that price follows hash rate, and hence the price will increase as the hash rate is at a 9year high.
The hash rate of any network indicates how strong network security is. Higher the hash rate stronger is the security, which generates investor confidence for the network. This, Keiser argues, is important in improving price. Hash rate of a network is also an important parameter to measure the number of calculations it can perform per second. The network which has a better hash rate also represents the higher competition between the miners to validate new blocks, while also increasing the equipment required by hackers to execute a 51% attack on the network.
Keiser has been a strong promoter of Bitcoin and has often been too optimistic about the bulls. For instance, he is among the first people who predicted that Bitcoin will cross the million-dollar mark. Bitcoin has already suffered a severe setback in 2018 and came crashing down from $20,000 in December 2017 to around $3,000 in February 2019.
Yes, prices have doubled since February, but the fluctuations haven’t stopped. After reaching a three-month peak of around $14,000, BTC again fell back to below $10,000 and rose to $11,500, and is again reeling around $10,500. Also, the current world climate seems to be against the crypto industry. Therefore, any significant change in Bitcoin price seems quite difficult.
The prices might fluctuate between $10,500 to $13,500; however, anything beyond that would be too optimistic. That said, steady growth over the next few months could improve things, but only if fluctuations stop shocking the market.