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He bitcoin The price could fall to $42,000 after the next btc halving event in April, JPMorgan said.
JPMorgan Analysts led by Nikolaos Panigirtzoglou wrote in a February 28 note that the The cost of production of btc “has empirically acted as a lower bound” for the price of btc.
The center point of their estimate for that production cost range is now $26,500, which would automatically double bitcoin's halving to $53,000, they say.
But there may be a 20% drop in the bitcoin network hashrate after the btc halving, which would lower the center point of its estimated production cost range to $42,000, he said.
“This $42,000 estimate is also the level we expect bitcoin prices to drift to once the bitcoin halving-induced euphoria subsides after April,” the analysts said.
<img decoding="async" alt="What really is… bitcoin mining? – Bison App” src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-May-Fall-to-42K-After-BTC-Halving-Says-JPMorgan”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-mining.jpg”/>bitcoin-mining.jpg” alt=”What really is… bitcoin mining? – Bison App”/>
Less efficient bitcoin mining operations likely to shut down
Analysts continued to speculate that miners with below-average electricity costs and more optimized mining setups would likely survive after the halving event, while those with higher production costs would struggle.
The possible exit of smaller, less efficient mining operations will also make the BTCn mining industry more concentrated, they added. This can subsequently increase the market share of publicly traded btc miners.
According to The Block, JP Morgan predicted in a report on the 28th (local time) that “bitcoin could fall to $42,000 after the halving in April.” Analyst Nikolaos Panigirtzoglou stated that the halving would reduce miner rewards from 6.25 btc to 3.125 btc per block, which would affect…
– BitcoinWorld Media (@ItsBitcoinWorld) February 29, 2024
The historic halving event will occur immediately after spot approval. bitcoin ETF (exchange-traded funds) in the US at the beginning of the year.
The launch of these investment products triggered a wave of institutional investment for btc that caused the cryptocurrency to rise.
Over the last 30 days, bitcoin has bitcoin/”>it shot itself up more than 47% to trade at $62,193.06 at 5:25 am EST.
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