Bitcoin miners expect a repeat of the 2017 scenario, when the cryptocurrency market reached a historicmaximum.
According to the CEO of the CryptoQuant platform, Ki Yang Joo, there are signals for the imminent resumption of growth in the value of BTC. A similar situation was observed in the first half of 2017.
The analyst noted that mining pools providegreat influence on the dynamics of the movement of cryptocurrency. The Miner Position Index (MPI) continues to strengthen. This suggests that if the stock market crisis repeats itself, it will no longer be able to provoke a fall in the Bitcoin (BTC) rate.
Network hashrate on the night of Sunday, September 27,rose to 149.25 exahash per second (data from BitinfoCharts). Miners are trying to mine as much cryptocurrency as possible as they record an improvement in BTC fundamentals.
Raoul Pal, CEO of Real Vision, has a similar view. He recently said that the US Federal Reserve, by stimulating business activity, provokes inflation in the economy.
Similar steps are being taken by other centralbanks, which undermines investor confidence in fiat money. Funds can be protected only by buying independent assets, which are bitcoin and gold.
Bloomberg analysts also believe that by the endBy 2020, BTC will reach $20,000. As noted by agency strategist Mike Magclone, high activity of Bitcoin addresses is one of the key drivers for more confident growth in the value of the coin.
Today, the largest cryptocurrency is trading just above $ 10,700. BTC capitalization has grown to $ 198.393 billion over the past 24 hours.
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