The Bitcoin price appears set for a massive breakout as network fundamentals are at all-time highs (ATH) as the 2020 halving event approaches.
Bitcoin Network Metrics at ATH
With the Bitcoin block reward halving less than a year away, the network activity parameters continue to set new ATHs. Data from Blockchain.com shows that metrics like hash rate, difficulty, blockchain size, and unspent transaction (UTXO) count are all at their highest ever levels.
As at press time, the network hash rate is 74.5 quintillion hashes per second (74.5 million tera hashes per second — TH/s). This figure represents an almost 140% increase in the amount of computing power used to secure the network since the late 2018 plunge.
At that time, there were fears of a mining death spiral, as many nodes exited the network due to declining mining profitability occasioned by the 80% drop in BTC price. Fast-forward half a year later and the situation is the complete opposite.
These massive improvements in the network fundamentals have seen an influx of investment into the mining arena. Earlier in July, Northern Bitcoin — a German-based crypto mining company announced that it would be purchasing 5,000 ASICs from Canaan Creative and Bitmain.
Pre-Halving Bitcoin Price ATH?
There is a lot of speculation about the possibility of a new price ATH even before the 2020 block reward halving. Bitcoin is presently accumulating around the $11,000 price mark, a 120% increase since the start of the year.
Crypto trader Craig Cobb of Tradercobb.com predicts will set a new ATH of $27,200. Cobb, however,