Bitcoin has had an extraordinarily bullish month in August, rising over 23 percent from $39,974.90 at the start of the month to currently stand over the $50,000 resistance zone as of this writing. Major cryptocurrencies including as ADA, XRP, ETHER, and AXS have all seen double-digit rises in the altcoin cryptocurrency market.
Bitcoin’s main cryptocurrency has officially crossed the $50,000 mark, which many feel was the final major roadblock on the way to the previously achieved all-time high. Bitcoin is currently trading above a considerable amount of on-chain volume, with some in the mid-40s and others in the $30K-$40K region. A study of the profitability of mining was conducted. According to the report, after the enormous drop in hash rate caused by Chinese miners migrating and the subsequent record difficulty adjustment, miners still securing the Bitcoin network became immensely profitable.
A number of other metrics were looked into but ultimately the general consensus is that all indicators are pointing to a bullish bitcoin that will most likely surpass its previous all-time high around $65,000. When William was asked what price he thinks Bitcoin will end the year with, he had this to say, “I am going to say this… by the end of the year I think $75,000 for 1 BTC is conservative. To an extent, I believe we get a new all-time high next month but it will depend on some macro factors. If we do not get any existential threats, I will say we get all-time highs next month. The highest I think Bitcoin could possibly get this year will be around $176,000.
