Bitcoin Tops $116K As Network Hashrate Breaks 1 Zetahash For First Time
Olivia BrooksOn Friday, Bitcoin not only hit a new peak of $116,000 in market value but also hit a new historical peak of 1 zetahash-per-second on the hashrate of the crypto network, the first time in Bitcoin’s history.
Key Takeaways:
On Friday, Bitcoin not only hit a new peak of $116,000 in market value but also hit a new historical peak of 1 zetahash-per-second on the hashrate of the crypto network, the first time in Bitcoin’s history. The milestone puts the computing capacity of the network at 1 Zeta hashes per second, which highlights the fast industrialization of Bitcoin mining.
The breakthrough of zetahash indicates the tremendous growth of dedicated hardware and energy investments in ensuring the network.
According to analysts, this threshold is indicative of the maturity of the mining industry and the increasing competitiveness of rewards available to block all over the world, especially as the next halving cycle approaches. “It’s an extraordinary show of strength for Bitcoin’s security model,” said one industry observer. They added that this number would have been hard to imagine a few years ago.
Market Response and Macro Backdrop
The price behavior of Bitcoin evoked the same interest. The asset reached an all-time high of $116,000 and then went down a notch to trade below $115,000. The rally is a sign that investors are anticipating the U.S. Federal Reserve policy meeting that takes place on September 17, at which a change towards monetary easing is increasingly likely.
According to a recent survey of economists by Reuters, 105 of the 107 people surveyed predicted a decrease of 25 basis points in interest rates by the Fed, reducing the federal funds range to 4.00%-4.25%. Most of the participants also expect further trimming later in this year as labor market indicators remain soft and may end up cutting three applications by the end of the year.
In the past, the easier monetary policy has been driving inflows in risk-sensitive assets, and Bitcoin traders are eagerly anticipating repeat performances of these mechanisms.
Technical Pointers For BTC Price
Besides macro drivers, chart analysts are also pointing to technical structures that will have more BTC price upside. On the weekly chart, Bitcoin has made an inverse head-and-shoulders, which started in late 2024. The pattern was verified by the breakout above $112,000 in July, with a measured target that suggested prices of close to the $170,000 mark, an increase of almost 50% above the present levels.
Source: TradingView
There is also a bigger building that was left standing, dating back to March 2021. Bitcoin fell below the neckline at $73,000 in November 2024, and subsequently, the level was retested at the correction of April at $74,400. Having received that backing, technicians estimate that a possible target could be $360,000, or a 217% improvement on the current price.
Independent strategist Merlijn The Trader observed that the existence of both of these patterns at the same time is an indicator that a Bitcoin supercycle has been ignited. In the short term, the traders are tracking a smaller inverse head and shoulders on the four-hour chart. That arrangement suggests a potential run to $120,000, as long as Bitcoin is above $113,000 in the next few sessions.
