Bitcoin Price Analysis: Could BTC Drop To $100,000 Amid Growing Macro Headwinds
Bitcoin (BTC) has recovered during the ongoing session, with the price up 1.40%. The flagship cryptocurrency has reclaimed $114,000 and is currently trading around $114,175.
Markets plummeted after a wave of news and data impacted investor sentiment, dragging crypto down as well. BTC’s decline is due to growing risk-off sentiment among investors. All major US stock indices are also down amid renewed trade uncertainty and a poor US jobs report.
Solo Bitcoin Mining Returning?
Solo Bitcoin miners are claiming full Bitcoin block rewards even as the network’s hash rate hovers around all-time highs. The network hash rate is currently above 900 exahashes per second (EH/s). The high hash rate indicates growing competition and higher mining difficulty, making it difficult for solo miners to win a block. However, one solo miner has defied odds to secure block 907,283 via the Solo CK Pool, earning the full 3.125 BTC rewards, worth over $372,000. The miner also received an additional $3,426 in transaction fees.
This wasn’t an isolated incident; solo miners were increasingly securing blocks. Another miner with only 2.3 petahashes of power also claimed a full reward, with similar blocks also recorded in February, March, and June. Samuel Li, chief technology officer of ASICKey, stated,
“We’re seeing solo miners win blocks not because of luck, but because they’re running powerful, efficient hardware.”
Li added that efficiency is everything for solo miners, highlighting the company’s KEYMINER A1. The KEYMINER A1 is part of ASICKey’s latest hardware line.
“Take our KEYMINER A1—it draws just 650 watts but delivers 1,100 TH/s on Bitcoin, with monthly profits around $1,200. For those diversifying into altcoins, it can earn up to $3,800 per month mining Dash.”
However, Li stated that the fundamental odds of solo miners securing a full block had not changed despite improvements in ASIC efficiency.
“Solo mining is still mostly a lottery, unless you control tens of PH/s, which is realistically the bare minimum for having a measurable statistical shot at success within a reasonable time frame.”
Bitcoin Still In Mid-Cycle Range
Bitcoin’s (BTC) push from $100,000 to a new all-time high has rekindled attention on on-chain metrics used to monitor the asset. One of these metrics, called the Satoshimeter, helps gauge Bitcoin’s price movements and positions. According to the analysis, the Satoshimeter indicates Bitcoin is far from levels observed during previous bull markets, with the flagship cryptocurrency’s rally in its mid-cycle or intermediate phase rather than the final leg of its cycle. The Satoshimeter is sitting well below upper extremes, suggesting that the price is not overheated.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has registered a modest recovery during the ongoing session, with the price up almost 2%. The flagship cryptocurrency experienced a substantial decline on Friday, falling to $113,365. Sellers retained control on Saturday as price action remained bearish. As a result, BTC fell to a low of $112,104 before settling at $112,601. The current session sees BTC trading around $114,386.
Maelstrom Fund CIO Arthur Hayes has warned that growing macroeconomic pressures could drive BTC to $100,000. He added that he had already taken profits in anticipation of such a decline. Hayes blamed the pullback on renewed tariff fears, a disappointing non-farms payrolls report, and macroeconomic uncertainty. Hayes' comments echo broader marketwide fears of macro headwinds that could stall bullish momentum. BTC is down nearly 8% from its all-time high of $123,091, set on July 28.
BTC registered a sharp decline on Friday, falling to an intraday low of $114,779 as it entered the previous weekend in the red. It rebounded from this level to reclaim $117,000 and settle at $117,565, ultimately registering a 0.69% drop. Despite the selling pressure, BTC recovered over the weekend, rising 0.24% on Saturday and 1.31% on Sunday to reclaim $119,000 and settle at $119,398. The price was back in the red on Monday, dropping 1.11% to $118,069. Sellers retained control on Tuesday as BTC registered a marginal decline and settled at $117,925.
Source: TradingView
BTC fell to an intraday low of $115,772 on Wednesday before rebounding to reclaim $117,788, ultimately registering a marginal decline. Buyers retained control on Thursday as the price dropped 1.69% to $115,800. Selling pressure intensified as BTC fell over 2%, dropping below $114,000 and settling at $113,365. Price action remained bearish on Saturday as BTC fell 0.67% to $112,601. However, BTC has recovered during the ongoing session, with the price up 1.48%, trading around $114,267.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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