Bitcoin (BTC) is getting closer to $10,000 as the digital currency surged by over 3.5% in the last 24 hours. The entire cryptocurrency market operated in green in the last 24 hours and analysts consider a new bull run could start in the near future. Philip Swift, a recognized cryptocurrency analyst, suggests that this is a good moment to buy Bitcoin for the long-term.
Analysts Bullish About Bitcoin
There are several cryptocurrency analysts and investors that are becoming more bullish about the cryptocurrency market. One of them is Josh Rager, which stated on Twitter that Bitcoin was hitting a resistance level on the weekly chart. If this resistance level breaks, we could see BTC moving higher in the coming days.
Moreover, a large number of enthusiasts agreed with Rager showing how other indicators are showing this could be a good time for Bitcoin.
In addition to it, the cryptocurrency analyst Philip Swift shared with the crypto community a chart in which he takes into account the USD value of the BTC issued. This chart allows users to recognized possible long term entry and exit points. Moreover, the chart also indicates possible local tops and bottoms.
Drop in miner revenue sent PUELL MULTIPLE back into the green zone today
This zone represents a great time to buy $BTC on L/T (18months+) horizons
Look Into Bitcoin subscribers received an alert when we entered this zone. Access all the alerts here: https://t.co/md5RqTlrvL pic.twitter.com/Uotv7S6FRR
— Philip Swift (@PositiveCrypto) May 13, 2020
These comments come after a very important moment for Bitcoin, the halving event. On May 11, the largest cryptocurrency experienced its third halving event reducing the rewards for miners to 6.25 BTC from 12.5 BTC. This is a very bullish sign for many, which could push prices higher in the future.
Miners are certainly earning less money for the work they do on the network. According to data provided by Blockchain.com, the hash rate has dramatically dropped in the last few days from 136.098m TH/s before the halving (May 10th), to 81.659m TH/s on May 17. This represents a drop of almost 40% in the hash rate of the Bitcoin network.
This indicates miners are capitulating and they would need to become more efficient in order to become profitable again. The hash rate allows the network to be more secure reducing the possibilities of 51% attacks and making Bitcoin more secure over time. It will be important to follow the evolution of the hash rate over time to understand whether the Bitcoin network could be affected or not.
At the time of writing, Bitcoin has a price of $9,860 and a market valuation of $181 billion.