In what could be a promising prediction for cryptocurrency investors, renowned analyst PlanB anticipates that Bitcoin may permanently stay above the $35,000 mark. This revelation was shared on the X platform, where PlanB often dispenses his insights into the burgeoning crypto industry.
The Bitcoin valuation, gauged on the basis of its difficulty rate (hash rate), rose to $35,000 yesterday. PlanB interprets this surge as a telling indication that Bitcoin, barring unforeseen "black swan" occurrences or temporary market swings, could remain above this crucial price milestone in the long run.
This forecast, according to PlanB, is fundamentally rooted in the dynamics of $/kWh arbitrage. By successfully leveraging the difference between electricity cost and the Bitcoin price, miners can yield attractive profits. As a result, PlanB believes the hash rate will subsequently give rise to a self-stabilizing price floor for Bitcoin.
While bullish forecasts like these tend to spark excitement among potential investors, it's worth noting that cryptocurrency investments should always be approached with diligence and caution, given their inherent market volatility and regulatory uncertainties.
