VanEck Forecasts Price Pump As Bitcoin’s Hashrate Drops, Dogecoin Eyes Major Uptrend

According to a recent VanEck report, a Bitcoin price rebound could be around the corner. They said historic data shows that Bitcoin’s price always performs better when the hashrate is low. Currently, Bitcoin’s hashrate has dropped by 4% in the past 30 days. 

Meanwhile, Master of Crypto has dropped the condition for a Dogecoin rally. He stated that the Dogecoin price could rally to $0.15 if bulls break and hold above the $0.135 resistance.

Bitcoin Eyes Rebound As Hashrate Falls To April 2024 Levels 

In a recent report, VanEck analysts made a positive observation about Bitcoin. According to them, the price performance of Bitcoin has always been better when there is a drop in hashrate. The report revealed that hashrate has dropped by 4% over the past 30 days, the highest since April 2024. 

Interestingly, the VanEck analysts noted that when Bitcoin’s hash rate declines (miners shutting off machines or leaving the network), Bitcoin’s next 90-day price performance has been more likely to be positive than when the hash rate is increasing.

Since 2014, BTC posted positive returns about 65% of the time after hash rate drops, compared to 54% when hashrate was rising. Expanding the view, across 346 days when 90-day hash rate growth was negative, 180-day forward BTC returns were positive 77% of the time, delivering an average gain of 72%.

In the meantime, TradingView data indicate that since October, after it hit its current all-time high, the movement of the Bitcoin price has been bearish. Nevertheless, the flagship cryptocurrency is recovering.

It has gone up by 1.7% on the weekly chart but has not been able to overcome the resistance at $90,000. Should the bulls manage to break through this zone, the price of Bitcoin may soon soar to $100,000.

Captain Faibik predicts that Bitcoin might rise to $120,000 following a lengthy period of consolidation. Crypto R0D, another analyst is optimistic that Bitcoin could revisit the $100,000 zone soon.

Dogecoin Trades Close To Key Resistance Level

The Dogecoin price has been in a downtrend over the past few weeks. The Dogecoin price has dipped by 8.7% on the monthly chart. However, there is a brief recovery of 0.3% on the weekly chart, a sign that bulls are gaining traction. 

In a recent tweet, Master of Crypto, an analyst, said DOGE is holding firm near the $0.133–$0.135 resistance zone. He noted that the Dogecoin price bounced from the $0.12 level and is now consolidating just below resistance. This price action signals strength, the analyst added. 

Master of Crypto notes that this tight consolidation often precedes an upside move. If the Dogecoin price can soar above $0.135, the analyst noted that the memecoin could climb towards the $0.15–$0.154 range.

Another analyst called BitGuru posted a similar Dogecoin price prediction. He notes that the memecoin is holding strong above the $0.130 support region. BitGuru added that selling pressure is currently fading and bulls are gaining momentum.

He expects bulls to reclaim the $0.15–$0.16 in the coming days. If this happens, the Dogecoin price could rally to higher resistance levels, he added.

In Summary 

The latest drop in Bitcoin hashrate could mean an uptick is around the corner. The price of Bitcoin could reclaim $100K before targeting higher levels. Also, Dogecoin bulls are showing strength and might force a breakout above the immediate resistance in the coming days.