Using the hashrate as a reference, journalist Max Keiser predicts that the price of bitcoin will rise to $28,000.
“Bitcoin hash approaches 90 Quintillion. Per protocol’s hard-coded Game Theory, hash precedes price. $28,000 in play”.
Indeed, Bitcoin’s hashrate keeps rising, getting closer and closer to 90 quintillion hashes per second (90,000,000 TH/s).
Comparing the logarithmic graph of the historical curves of the hashrate and the bitcoin price one can deduce that, in the long run, the price has often increased after an increase in the hashrate, although in reality, this is not enough to be certain it will happen again in the future.
Nevertheless, all three massive BTC price rallies (2011, 2013 and 2017) were preceded by periods of significant hashrate increase and, using this hypothetical correlation, Keiser has calculated the expected bitcoin price if the correlation were to continue, on the basis of the current hashrate level reached.
Keiser, who also runs a financial program broadcast on RT (formerly Russia Today) called “Keizer Report“, also added in a following tweet that, according to him, bitcoin is driven by a new school of economics corresponding to a new asset class and its price is a less important feature than the hashrate itself.
According to Twitter, Keiser started buying bitcoin when its price was only $1 and is presently engaged in forecasting the crypto markets.
However, not everyone agrees that Bitcoin’s hashrate movements actually precede those of prices: if on the one hand it is undeniable that in recent years the significant increases in the hashrate, which in ten years has gone from 10 million to 90 quintillions of H/s, have also been followed by price increases, which have gone from less than a tenth of a dollar to about $10,000 today, on the other hand this seems a rather weak motivation to justify a correlation and ensure that Keiser’s forecast is correct.
In other words, these are only hypotheses to date, but they are supported by historical data.