According to Seeking Alpha‘s opinion leader, Hans Hauge, the bottom for Bitcoin is near.
Hauge bases this conclusion on an analysis of the number of unique bitcoin addresses, the hash rate, the total transactions, and the current price per coin.
Unique Addresses Are Increasing
Bitcoin’s network grown since hitting a low in April of this year, which is a positive sign for the cryptocurrency market leader.
Hash Rate is Rising
Roughly one month ago, BeInCrypto reported on Bitcoin’s hashrate hitting a new all-time high — which is very bullish when talking about the leading cryptocurrency’s intrinsic value.
Monthly Transactions Are Trending Upwards
Bitcoin has also experienced a trend increase in daily transactions over the past half year — a sign that the network is continuing to grow and mature following December’s bubble.
The Takeaway
When taking a look at the big technical picture, it’s easy to see how the first and foremost cryptocurrency’s price could plummet further. However, the fundamental picture is as bullish as ever — meaning the bottom might just actually be in. (If it’s not, it’s probably close.) What do you think about the price of Bitcoin and the market leader’s fundamentals? Let us know in the comments below!Disclaimer
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