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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.