Bullish hashrate traders expect Bitcoin’s price to go up over next six months

Hashrate forwards signal bullish sentiment as analysts predict higher hashprice in the next 6 months, buoyed by Bitcoin’s $70,000 rally despite challenges.

Hashrate futures contracts traders seem optimistic about Bitcoin‘s near-term prospects, with indications pointing towards a bullish sentiment as future hashprice quotes persist above spot price.

📢 HASHPRICE & HASHRATE MARKET UPDATE!

Hashrate Forwards are trading in contango since the Halving, with future hashprice quotes above spot price.

Bullish hashrate traders expect hashprice to rise over the next 6 months. They anticipate difficulty may fall/stagnate, transaction… pic.twitter.com/4ZLgN6Jxyp

— Hashrate Index 🟧⛏️ (@hashrateindex) May 21, 2024

Analysts at Hashrate Index wrote anticipate a rise in hashprice over the next six months, saying in an X post that traders expect the difficulty to stagnate, while transaction fees to increase “and/or Bitcoin’s price to go up.”

“Bitcoin has rallied to ~$70,000, which is giving hashprice a nice little face-lift. Of course, this is all relative considering that it’s going for $55/PH/day rn, which was last Halving epoch’s all-time low.”

Hashrate Index

You might also like: Miners need a Bitcoin use case to stick | Opinion

Analysts find positivity in compressed mining economics, which are slowing hashrate growth. Despite Bitcoin’s recent surge, hashrate growth has been sluggish, with analysts predicting only a minor increase in the next difficulty adjustment.

“Bitcoin’s hashrate has bottomed and is back to 600 EH/s on the 7-day average. Future growth depends on Bitcoin’s price. With compressed hashprice and the North American summer ahead, hashrate may stay between 600-700 EH/s through Q2 and Q3.”

Hashrate Index

Looking ahead, analysts at Hashrate Index suggest that U.S. miners might mine less BTC in the summer, which could slow down hashrate growth. Though miners in other places might make up for it, offering insights into the broader global landscape of hashrate expansion, the analysts noted.

Read more: Kaiko: Bitcoin miners feel pressure of slashed rewards post-halving

Source