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Over the weekend, a thrilling event occurred for those keeping a pulse on the cryptocurrency world: the halving of Bitcoin. Charles Edwards, analyst and founder of Capriole Investments, shared three possible future scenarios for Bitcoin on social media platform X following this significant milestone.
Bitcoin’s Electricity Cost Hits $77,400
According to Edwards’ tweet, following the halving on Saturday, the electricity cost per new cryptocurrency, Bitcoin, rose to a remarkable figure of $77,400. This figure represents the raw electricity cost to power the Bitcoin network.
However, he noted that the overall Bitcoin miner price is currently around $244,000, which includes block rewards and transaction fees. Edwards also highlighted that Bitcoin transaction fees have now risen above $230, marking a fourfold increase compared to historical peaks.
Edwards concluded that the cryptocurrency is currently trading at a “deep discount,” adding that the “Below Electricity Cost” situation typically lasts only a few days every four years.
Three Possible Scenarios for Bitcoin
According to the analyst, there are three possible scenarios for Bitcoin. The first scenario involves a rapid rise in BTC prices. The second scenario relates to approximately 15% of Bitcoin miners shutting down their equipment and quitting the business. The third scenario is that transaction fees remain higher than average.
Edwards personally expects “a bit of all three” scenarios to unfold, ending his prediction by stating that the days of Bitcoin being under $100,000 are numbered.
MicroStrategy Founder’s Bitcoin Prediction
Meanwhile, over the weekend, Michael Saylor, founder of MicroStrategy and a Bitcoin advocate, made a significant Bitcoin price announcement. Reminding that on the day of the previous BTC halving, Bitcoin traded at $8,618, Saylor emphasized that the price later surged by 800%.
Saylor’s tweet could be interpreted as an expectation of a similar rise. Eight times today’s Bitcoin price would approximately equal $528,300, which Samson Mow, another impressive figure who believes the halving creates a “quantitative tightening,” considers a significant development.
