As Bitcoin miners gear up to retain more of the cryptocurrency, the challenge of mining difficulty persists. On-chain data platform, Glassnode, reported a continuous upward trend in the Bitcoin Hash Rate (7DMA), with a new record of 395 EH/s, equivalent to 395 quintillion attempts per second to solve a Block.
The U.S. remains the largest Bitcoin and cryptocurrency mining nation worldwide. Despite the high electric power consumption of Bitcoin mining, the transition to renewable energy sources for mining activities has paved the way for mitigating climate change through alternative sources, such as methane gas emissions.
This week, Standard Chartered Bank adjusted its prior forecast, expecting the Bitcoin price to reach $50,000 by the end of this year and to exceed $120,000 by the close of 2024. This bullish revision follows the analysts’ prediction of an increase in the hoarding of Bitcoin by miners. The bank had previously predicted a Bitcoin price of $100,000 by the end of 2024, following the end of the so-called “crypto winter.”
Geoff Kendrick, the bank’s top foreign exchange analyst, explains the rationale behind the revised forecast. “Increased profitability for miners to mine Bitcoin means they can reduce sales while maintaining cash inflow, reducing the net supply of Bitcoin and driving up Bitcoin’s price,” Kendrick stated.
Three consecutive weeks of crypto asset inflows and the monthly MACD turning green indicate a positive outlook for Bitcoin’s price. Crypto asset investment products recorded a net inflow of $136 million last week.
The BTC price currently hovers around $30193, having moved sideways in the past 24 hours. The 24-hour low and high stand at $29985 and $30427, respectively. However, a noticeable increase in trading volume, up 30% in the past 24 hours, signaling a heightened interest among traders.
