U.Today – (BTC), the largest cryptocurrency, is on the verge of reaching an significant milestone. Its energy value, or the raw value of the electricity needed to extract it, is approaching $100,000 for the first time in history. The author of the Energy Value model masterfully predicted this five years ago.
Bitcoin (BTC) reaches $100,000 energy value, the model works like clockwork
Bitcoin Energy Value, i.e. the intrinsic value of BTC valued based on raw joules of electricity used in the mining ecosystem, is setting fresh highs. The price of Bitcoin (BTC) could soon reach $100,000 for the first time, says analyst Charles Edwards of Capriole Investments.
It was Edwards who created this hopeful model for the progress of the Bitcoin (BTC) network. As U.Today reported in mid-February 2020, the founder of Capriole Investments masterfully predicted that this figure would reach $100,000 by 2025.
The model works with multiple inputs, including the performance of the most advanced mining equipment and the aggregated hashrate of the BTC network.
Both Bitcoin’s (BTC) difficulty and hashrate, the two main indicators of miner engagement, are currently at an all-time high. Bitcoin (BTC) difficulty reached as high as 95.67 tonnes after the latest correction, while the hashrate rose to a record high of 925 EH/s last week.
Previously, the price of Bitcoin (BTC) rose in parallel with the energy value chart, so its validity is a bullish signal for Bitcoin (BTC) supporters.
Bitcoin (BTC) price is struggling to break $69,000
Meanwhile, the price of Bitcoin (BTC) is trying to break the bearish resistance at $69,000. It briefly rose to $69,212 on CoinMarketCap three hours ago, but then returned to $68,600.
As of press time, the largest cryptocurrency is changing hands at $69,700, up 1.9% in the last 24 hours. That said, BTC is outperforming the market benchmark of 1.4%.
After absorbing the latest installment of “FUD”, the Cryptocurrency Fear and Greed Index returned to the greed zone at 72/100.
Over the past 24 hours, Bitcoin (BTC) trading volume has almost doubled and reached the equivalent of $87 billion.
