Bullish Hashrate Traders Predict Bitcoin Price Increase Over Next Six Months

Bullish Hashrate Traders Predict Bitcoin Price Increase Over Next Six Months

Hashrate futures contracts traders are showing strong optimism about Bitcoin’s near-term prospects. The bullish sentiment is evident as future hashprice quotes remain above the spot price, suggesting confidence in Bitcoin’s potential rise over the next six months.

Analysts at Hashrate Index predict a rise in hashprice, highlighting traders’ expectations for difficulty levels to stagnate, while transaction fees increase and/or Bitcoin’s price continues to climb. They noted in a recent X post that Bitcoin’s rally to approximately $70,000 has positively impacted hashprice, which currently stands at $55/PH/day— the lowest since the last Halving epoch.

The analysts see positivity in the compressed mining economics, which are contributing to slower hashrate growth. Despite Bitcoin’s recent surge, the hashrate growth has been sluggish. They predict only a minor increase in the next difficulty adjustment.

“Bitcoin’s hashrate has bottomed and is back to 600 EH/s on the 7-day average. Future growth depends on Bitcoin’s price. With compressed hashprice and the North American summer ahead, hashrate may stay between 600-700 EH/s through Q2 and Q3,” they stated.

Looking ahead, the Hashrate Index analysts suggest that U.S. miners might mine less BTC during the summer, potentially slowing down hashrate growth. However, miners in other regions could compensate for this, offering a broader perspective on global hashrate expansion.

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