Bitcoin has once again captured market attention, reaching a historical high of $116,000 and achieving a hashrate of 1 zettahash per second for the first time in history. These achievements underline growing investor confidence and the mining industry.
New Historic High for Bitcoin
Last week, Bitcoin set a new record by reaching a price of $116,000. This comes amidst an increase in the network’s computing power, which has for the first time reached a level of 1 zettahash per second. Such achievements highlight the rapid industrialization of cryptocurrency mining. One industry observer noted, "It’s an extraordinary show of strength for Bitcoin’s security model."
Market and Macro Economic Factors
The price behavior of Bitcoin has generated significant interest among investors. The asset reached an all-time high of $116,000 and then slightly corrected, trading below $115,000. The price increase is linked to expectations regarding the upcoming U.S. Federal Reserve meeting scheduled for September 17. According to a survey, 105 out of 107 economists anticipate a 25 basis point reduction, which could facilitate inflows into risk-sensitive assets, including Bitcoin.
Technical Predictions for Bitcoin
Analysts are also highlighting technical indicators that may suggest further price increases for Bitcoin. On the weekly chart, an inverse head-and-shoulders pattern is forming, indicating potential growth toward $170,000. However, longer-term forecasts might indicate even higher targets of up to $360,000.
Bitcoin's achievements in recent days reflect investor confidence and the development of the mining industry. Such key events may signal both short-term and long-term changes in the cryptocurrency market.
