Since the fourth Bitcoin (BTC) halving event, there have been significant shifts in the bitcoin market. Charles Edwards, founder of Capriole Invest, believes that key measures will show a change in the BTC market.
Edwards brought up two important numbers that the Bitcoin Miner Price, which hit $244,000, and the high cost of electricity needed to mine one Bitcoin, which is now $77,400. At the same time as this rise, transaction fees reached $230, which was four times the previous high point set in 2021.
Bitcoin Price Predictions and Analysis
Edwards says that the price of BTC is below what it costs to mine it. This happens briefly every four years, and it means that the price is about to go down.
Edwards lists three possible outcomes: an enormous increase in the price of BTC; the closing of about 15% of miners because of economic stresses; and the continuation of high transaction fees.
Since the halving event, Bitcoin’s price has stayed above $60,000. Analyst Ali Martinez thinks this could be where the price bottoms.
Martinez sees $66,000 as an important support level, and a lot of buying has been seen there. If the price breaks through the support levels between $69,900 and $71,200, it may face selling pressure.
Martinez also looks at the Bitcoin MVRV ratio, which shows buying chances when it falls below its 90-day average since November 2022. This has led to average gains of 67% in the past.
Martinez says that the current state of the market and the MVRV ratio suggest that now might be a good time to buy BTC. This is based on past data and the chance that the price will go up a lot. BTC is now worth $66,100, which is 1.6% more than it was 24 hours ago.
