The Bitcoin network hash rate is the focal point of this forecast. JPMorgan says it could fall by 20% immediately after the halving, “mainly due to less efficient rigs exiting mining as they become unprofitable.”
“This 20% decline would bring the hash rate closer to its historical trend,” the bank’s analysts wrote in a February 28 research note. “This would effectively lower the center point of our estimated production cost range to $42,000.”
“This $42,000 estimate is also the level we envision Bitcoin prices drifting towards once the euphoria from the post-April Bitcoin halving subsides,” they continued.
However, there are signs that demand for Bitcoin is still far from abating, following the approval of a slew of ETFs that have increased access to the cryptocurrency.
Last week, BlackRock's Bitcoin exchange-traded fund received $520 million in inflows in a single day — the second-largest inflow in history for a U.S. fund — as investors chased Bitcoin gains above the $60,000 threshold.
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