Some analysts have unveiled an extremely bullish forecast for the flagship cryptocurrency. They reckon that with the current cost of Bitcoin mining, the price of the first cryptocurrency will likely catapult towards $85,000.
Many experts agree that mining activity is one of the main factors influencing the BTC market value. Their holding of coins accounts for the stabilization and the uptrend in BTC’s market quotes. In contrast, sell-offs of coins enable the downtrend in the BTC market. Experts say that recent sell-offs of Bitcoin prefaced its recent pullback. As a result, Bitcoin failed to climb to the landmark resistance level of $70,000.
According to data provided by crypto analyst Ali Martinez, Bitcoin miners still play a key role in determining the price of the leading crypto asset. Their activity is pushing Bitcoin towards a record high. Currently, the average cost of mining BTC is $86,668.
The crypto fans' assumptions align with the prevailing market trend. It suggests that Bitcoin is ready for further growth in the coming months. Many experts underscore bullish sentiment for the most popular crypto in this context. This scenario is realistic after the halving event.
At present, Bitcoin investors are looking for opportunities to help the leading digital asset exit its phase of correction or consolidation. Bitcoin has recently lost support at the $67,000 level, pulling back to $66,500. Still, its bullish potential remains high.