What will it take for Bitcoin to cross $77000 by the end of October

After trading in the lower $40k bracket throughout the last week of September, Bitcoin’s price received the push that it was waiting for, on the first of this month. The king-coin’s price rallied from $43.2k to $48.4k. In effect, altcoins followed suit and the global crypto market cap broke above the $2.1 trillion mark on the same day.

However, BTC’s price has remained rangebound in the $47k-$48k bracket for about 36-hours now. So, would this indecisiveness prolong or would the king-coin continue marching forward?

Higher highs or lower lows

Well, looking at the fundamental state of Bitcoin would give us a clear idea about what to expect going forward. Bitcoin’s hash rate witnessed one of its deepest plunges in the May-June period. However, things started improving since July. The chart below clearly highlights how the hash rate has almost doubled from its 86 million TH/s lows.

The hash rate goes up when more miners compete to mine Bitcoin. The coin’s price, during such phases, usually acts as an inviting incentive for miners to mine more.