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Bitcoin ($BTC), the largest cryptocurrency, is on the verge of reaching a major milestone. Its Energy Value, a raw value of electricity required for mining, is approaching $100,000 for the first time ever. The Energy Value model author masterfully predicted this five years ago.
Bitcoin ($BTC) hits $100,000 in energy value, model works like clockwork
Bitcoin Energy Value, i.e., the intrinsic value of $BTC as priced by raw Joules of electricity used in its mining ecosystem, is setting new highs. Very soon, it might hit $100,000 for the first time in almost 16 years of Bitcoin ($BTC) history, says analyst Charles Edwards of Capriole Investments.
Bitcoin Energy Value, the value of Bitcoin in raw Joules, is knocking on $100K for the first time ever. pic.twitter.com/a4xyDPSMGT
— Charles Edwards (@caprioleio) October 28, 2024
It was Edwards who authored this optimistic model of Bitcoin's ($BTC) network progress. As covered by U.Today in mid-February 2020, the Capriole Investments founder masterfully predicted this metric to reach $100,000 by 2025.
The model works with many inputs, including the efficiency of most advanced mining hardware and the aggregated $BTC network hashrate.
Both Bitcoin ($BTC) difficulty and hashrate, two major indicators of miners' commitment, are at all-time highs right now. Bitcoin ($BTC) difficulty reached a whopping 95.67 T after the latest adjustment, while the hashrate jumped to a record-breaking 925 EH/s last week.
Previously, the Bitcoin ($BTC) price surged hand in hand with the Energy Value Chart, so, its validity is a bullish signal for Bitcoin ($BTC) supporters.
Bitcoin ($BTC) price struggles to conquer $69,000
Meanwhile, the Bitcoin ($BTC) price is trying to smash bearish resistance at $69,000. Three hours ago it briefly jumped to $69,212, per CoinMarketCap, but then it returned to $68,600.
By press time, the largest cryptocurrency is changing hands at $69,700, up 1.9% in the last 24 hours. That said, $BTC outperforms the market benchmark of a 1.4% surge.
After absorbing the latest portion of "Tether FUD," Cryptocurrency Fear and Greed Index is back to the greed zone at 72/100.
In the last 24 hours, Bitcoin ($BTC) trading volume almost doubled and reached $87 billion in equivalent.