Optimistic hashrate traders expect Bitcoin price to rise in the next six months

The hash rate signals bullish sentiment as analysts predict a higher hash price over the next 6 months, driven by Bitcoin’s $70,000 rally despite challenges.

Hash rate futures traders appear optimistic about Bitcoin‘s short-term outlook, with indications pointing to bullish sentiment as future hash price quotes persist above the spot price.

Hashrate Index analysts wrote in anticipation of a rise in the price of hash over the next six months, saying in a post that traders expect difficulty to stagnate while transaction fees increase “and/or the price of Bitcoin rises.”

“Bitcoin has risen to approximately $70,000, which is giving hashprice a nice makeover. Of course, this is all relative considering it’s costing $55/PH/day, which was an all-time low from the last halving season.”

Hash Rate Index

Analysts find positivity in the compressed Minas Gerais economy, which is slowing hashrate growth. Despite Bitcoin’s recent surge, hashrate growth has been slow, with analysts predicting only a small increase in the next difficulty adjustment.

“Bitcoin hashrate has bottomed out and returned to 600 EH/s 7-day average. Future growth depends on the price of Bitcoin. With the compressed hash price and the North American summer ahead, the hashrate could be between 600-700 EH/s during the second and third quarters.”

Hash Rate Index

Looking ahead, Hashrate Index analysts suggest that US miners may mine less BTC in the summer, which could slow hash rate growth. Although miners elsewhere could offset this by offering insights into the broader global picture of hashrate expansion, analysts noted.

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