Hashrate forwards signal bullish sentiment as analysts predict higher hashprice in the next 6 months, buoyed by Bitcoin’s $70,000 rally despite challenges.

Hashrate futures contracts traders seem optimistic about Bitcoin’s near-term prospects, with indications pointing towards a bullish sentiment as future hashprice quotes persist above spot price.

Hashrate & Hashprice Market Update

Hashrate forwards are trading in contango since the Halving, with future hashprice quotes above spot price. Bullish hashrate traders expect hashprice to rise over the next 6 months. They anticipate that mining difficulty may fall or stagnate, while transaction fees could increase and/or Bitcoin’s price may go up.

“Bitcoin has rallied to ~$70,000, which is giving hashprice a nice little face-lift. Of course, this is all relative considering that it’s going for $55/PH/day right now, which was last Halving epoch’s all-time low.”

Analysts find positivity in compressed mining economics, which are slowing hashrate growth. Despite Bitcoin’s recent surge, hashrate growth has been sluggish, with analysts predicting only a minor increase in the next difficulty adjustment.

“Bitcoin’s hashrate has bottomed and is back to 600 EH/s on the 7-day average. Future growth depends on Bitcoin’s price. With compressed hashprice and the North American summer ahead, hashrate may stay between 600-700 EH/s through Q2 and Q3.”

Looking ahead, analysts suggest that U.S. miners might mine less BTC in the summer, which could slow down hashrate growth. Though miners in other regions might compensate, offering insights into the broader global landscape of hashrate expansion.

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