Based on Coinrise, JPMorgan analysts have raised their estimate of Bitcoin's production cost to $94,000, a 2.17% increase from the previous $92,000. The rise is attributed to Bitcoin's increasing mining difficulty, which hit an all-time high of 127.6 trillion in August. The analysts noted that Bitcoin's downside from current levels appears to be 'very limited.' Bitcoin's price currently stands at $98,347.59, with a 3% dip in the last 24 hours. The price-to-production cost ratio is just above 1.0, near the low end of its historical range. JPMorgan analysts predict Bitcoin could rise to $170,000 in the next 6 to 12 months, citing its potential compared to gold and recent market conditions.
JPMorgan Analysts Raise Bitcoin Production Cost Estimate to $94,000
CoinriseShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.