Bitcoin Price May Rise Due to Divergence with Hash Rate, Reports Coindesk

PANews reported on September 21st that, according to Coindesk, a discrepancy between Bitcoin's price and its hash rate, or total network computing power, could lead to a price increase. Historically, these divergences have only occurred a few times in the past three years. In some cases, Bitcoin prices bottomed out during these events, followed by rebounds as the market caught up with the rising hash rate.

The hash rate of the Bitcoin network fluctuates based on the number of miners' computers online verifying transactions. Consistent with this pattern, Bitcoin has shown signs of recovery, rising by approximately $9,000, or 15%, since hitting its low on September 6th. This discrepancy between Bitcoin price and its hash rate began forming in July and continued until early September, when the network's computing power reached an all-time high of 693 EH/s on the seven-day moving average, while Bitcoin's price was near $54,000.