Bullish hashrate traders expect Bitcoin’s price to go up over next six months

Hash rate advances point to a bullish trend, as analysts predict higher hash price in the next 6 months, supported by Bitcoin’s rise to $70,000 despite the challenges.

Traders of hash rate futures contracts appear optimistic about Bitcoin’s short-term prospects, and there are indicators pointing to a bullish trend as future hash rate prices remain above the spot price.

📢 HASHPRICE & HASHRATE MARKET UPDATE!

Hashrate Forwards have been trading in contango since the Halving, with future hashprice quotes being above the spot price.

Rising hash rate traders expect the hash price to increase in the next 6 months. Note that difficulties may decrease/stagnant, the process… pic.twitter.com/4ZLgN6Jxyp

— Hashrate Index 🟧⛏️ (@hashrateindex) May 21, 2024

Analysts at Hashrate Index wrote that they expect an increase in the hash price over the next six months, and in an

“Bitcoin rose to ~$70,000, which gives the hashprice a nice outlook. Of course, this is all relative considering the last Halving will hit an all-time low of $55/PH/day.”

Hash Rate Index

Analysts find positivity in the compressed mining economy slowing hashrate growth. Despite Bitcoin’s recent rise, hashrate growth remains slow and analysts predict only a small increase in the next difficulty adjustment.

“Bitcoin’s hashrate has bottomed out and is back to 600 EH/s on a 7-day average. Future growth depends on the price of Bitcoin. With the compressed hash price and the coming North American summer, hashrate may remain between 600-700 EH/s until the second and third quarters.”

Hash Rate Index

Looking ahead, analysts at Hashrate Index suggest that US miners may mine less BTC during the summer months, which could slow hashrate growth. Analysts noted that miners elsewhere could offset this by providing insights into the broader global landscape of hashrate expansion.