With so many predictions regarding Bitcoin’s longterm trend, analysts have maintained bullishness concerning the top asset’s price shortly.
Pseudonymous analyst and stock to flow model creator “PlanB” discovered that the “fair” value of BTC could be likely correlated to its level of scarcity. The higher the BTC scarcity, the greater its fair value should be.
Image of the Stock to Flow Model New Iteration From PlanB. Forecasts BTC Rising Approx $288,000 in the Next Cycle
Bitcoin whose genesis could be traced to 2009, had its 7th largest negative difficulty adjustment ever recorded. This came subsequently after it earlier had mining difficulty adjustment weeks ago.
After the halving, Miners had their revenues halved from 12.5 BTC to 6.25 BTC which dealt an excruciating blow in which some had to turn off their mining equipment to save costs. These adjustments have hopes of alleviating the exasperating impacts of the halving on the Miners with positive consequences on the BTC hash rate. These adjustments are scheduled every 2 weeks and differ in minority.
These adjustments have also been attributed to have caused a decline in Bitcoin transaction fees which hit high weeks after the May 12 halving. With the adjustments, it becomes relatively easier for BTC Miners to validate transactions, which will in turn boost their profits.
Data Provided via Blockchain.com
Image Credit: PlanB, Blockchain.com, Shutterstock
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