Hashrate forwards signal bullish sentiment as analysts predict higher hashprice in the next 6 months, buoyed by Bitcoinโs $70,000 rally despite challenges.
Hashrate futures contracts traders seem optimistic about Bitcoinโs near-term prospects, with indications pointing towards a bullish sentiment as future hashprice quotes persist above spot price.
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 โand/or Bitcoinโs price to go up.โ
โBitcoin has rallied to ~$70,000, which is giving hashprice a nice little face-lift. Of course, this is all relative considering that itโs going for $55/PH/day rn, which was last Halving epochโs all-time low.โ
Hashrate Index
Analysts find positivity in compressed mining economics, which are slowing hashrate growth. Despite Bitcoinโs recent surge, hashrate growth has been sluggish, with analysts predicting only a minor increase in the next difficulty adjustment.
โBitcoinโs hashrate has bottomed and is back to 600 EH/s on the 7-day average. Future growth depends on Bitcoinโs price. With compressed hashprice and the North American summer ahead, hashrate may stay between 600-700 EH/s through Q2 and Q3.โ
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.
