Battle-tested Bitcoin (BTC) 'energy value' model by Charles Edwards about to hit $100K for first time ever
Bitcoin , 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 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.
Both Bitcoin difficulty and hashrate, two major indicators of miners' commitment, are at all-time highs right now. Bitcoin 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 price surged hand in hand with the Energy Value Chart, so, its validity is a bullish signal for Bitcoin supporters.Meanwhile, the Bitcoin 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.
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