CandleFocus This Bitcoin (BTC) $100,000 Model From Early 2020 Still Valid, Data Says
2024-10-28
Author: Content Editor
Bitcoin's Energy Value, which calculates the intrinsic value of the cryptocurrency based on the electricity used in its mining, is approaching $100,000 for the first time. Analyst Charles Edwards, who predicted this milestone five years ago, believes it could happen soon. The model takes into account factors such as mining hardware efficiency and the overall network hashrate. Bitcoin's difficulty and hashrate are currently at all-time highs, indicating miners' commitment to the network. The Energy Value Chart has been a bullish signal for Bitcoin in the past. The cryptocurrency is currently attempting to break resistance at $69,000 and is trading at $69,700 at the time of writing.
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