Bitcoin's Energy Value nearing $100,000, analyst's model from 2020 still valid

From Investing.com

October 28, 2024 4:30:22 pm:

Bitcoin (BTC) is close to hitting a major milestone with its Energy Value nearing $100,000 for the first time. Analyst Charles Edwards’ model predicted this five years ago, based on factors like mining hardware efficiency and network hashrate hitting all-time highs.

Bitcoin (BTC) price is struggling to break resistance at $69,000, briefly reaching $69,212 before dropping back to $68,600. Currently trading at $69,700, BTC is up 1.9% in the last 24 hours, outperforming the market benchmark. The Fear and Greed Index is back in the greed zone at 72/100.

BTC trading volume nearly doubled in the last 24 hours, reaching $87 billion equivalent. The Energy Value model, which has accurately predicted Bitcoin’s progress, suggests a bullish signal for BTC supporters as the cryptocurrency continues to show resilience in the market.

Read more at Investing.com: This Bitcoin (BTC) $100,000 Model From Early 2020 Still Valid, Data Says By U.Today