Analysts present conflicting outlooks as Bitcoin’s price remains volatile near $70,000. Trader Ted Pillows cites a declining mining “electric cost” as a precursor to a potential drop below $50,000. Meanwhile, other chartists identify bullish technical patterns suggesting a rebound toward $75,700. Concurrently, predictions from the market Kalshi align with Pillows’ bearish floor of $48,000.
Analyst Ted Pillows stated the estimated electricity cost to mine one Bitcoin has fallen below $50,000. He suggested this could drop further toward $45,000.
“This means $BTC will eventually drop below $50,000 and could bottom around $46,000-$48,000, which also coincides with August 2024 lows,” he wrote. Traders on Kalshi are currently forecasting a Bitcoin low of $48,000.
Conversely, chartist Ali Martinez recently identified a bullish reversal pattern on Bitcoin’s hourly chart. He described a short-term target near $75,700 if the breakout holds.
Merlijn The Trader highlighted that Bitcoin has hit the “DCA zone” on the Rainbow Chart for a fourth time. “The chart has never been wrong,” they stated regarding this historical accumulation signal.
Recent price action has been heavily influenced by geopolitical headlines involving the U.S. and Iran. Bitcoin fell below $68,000 after a threat from President Trump but recovered above $71,000 following claims of constructive talks.
The Iranian denial of those talks subsequently pushed the price back below $70,000. At the time of writing, Bitcoin was trading near $71,000, having gained 8.5% over the past month.
