CryptoWatch: Bitcoin analyst says a major rally for the asset may be on the horizon

CryptoWatch: Bitcoin analyst says a major rally for the asset may be on the horizon

Bitcoin prices rose early Tuesday as the virtual unit extended the previous session’s sharp rally.

Monday’s gains were the largest in a single session for the No. 1 digital currency this month and saw it home in on the $7,000 area, a level closely observed by chart watchers as a sign of bullish momentum.

“The price is trading at $6715 and year to date it is down nearly 53.07%. However, I do think that the tide is about to turn for bitcoin and it won’t be long before we see a major move,” wrote Naeem Aslam chief market analyst at Think Markets U.K.

“The evidence is in the hash rate which is consistently increasing, meaning, that miners are still very busy, and they hold the view that the price is going to rise.” Bitcoin, similarly to other cryptocurencies are virtually mined by solving complex computations. The hash rate refers to the rate at which those cryptographic puzzles are solved and rewards are doled out to so-called miners in the form of new bitcoin.

Should bitcoin finish Tuesday in the green, it would be the fourth consecutive winning session—the first time it has managed this since April 2018.

A single bitcoin BTCUSD, +0.58%  was last trading at $6,705.35, up 0.6%, since Monday 5 p.m. on the Kraken cryptoexchange.

Read: Here’s how much it costs to mine a single bitcoin in your country

A mixed start to the day for altcoins

Altcoins, or digital currencies other than bitcoin, have had a mixed beginning to the day. Ether ETHUSD, -1.64%  is down 0.7% at $472.04, Bitcoin Cash BCHUSD, -0.76%  is down 0.7% at $792.00, Litecoin LTCUSD, -0.92% is unchanged, last trading at $82.72 and Ripple’s XRP coin XRPUSD, +0.40% is trading 1% higher at 47 cents.

In bitcoin futures, the Cboe Global Markets Inc. for July XBTN8, +0.37% is up 0.5% at $6,705 and the comparable CME Inc. July contract BTCN8, +0.37% is trading 0.5% higher at $6,710.

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