There have been all kinds of bullish predictions about the price of Bitcoin these days. The latest one comes from Danny Scott who said that there is a bullish indicator that may propel Bitcoin to a new ATH.
Scott who is chief executive of Isle of Man-based crypto exchange CoinCorner, noted on Twitter that people are buying Bitcoin and also stockpiling it in cold storage.
The CEO said the following: “The only time exchange Bitcoin balances dropped for a consistent period was 6 months in the build-up to the 2017 bull run. We’ve now passed 12 months and [it is] dropping significantly.”
Bitcoin price could balloon next month
He also noted that if Bitcoin follows previous April trends, its price will boom next month.
“Law of averages gives Bitcoin an $83,000 price target for April. Average over 10 years in April +51%”
He recently told Forbes that a historical average like that could potentially have actual power in the market.
“There have only been two negative Aprils since bitcoin began – in 2014 (-6%) and 2015 (-4%) – which is tied coincidentally with the following month of May with only two negative months –2015 (-1%) and 2018 (-18%) – so maybe there is some momentum and truth from this.”
Bitcoin’s hash rate
He also addressed the hash rate of Bitcoin.
He also posted the following message:
Someone posted this message: “Security is measured in energy spent and not hash rate. If new miners are twice as efficient we will see increased hash rate but not increased energy consumption and therefore no added security. Bitcoin gains security by increasing the cost (not h/s) it would take to attack it.”
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $58,268.19.