Charles Edwards Says Sub-$100k Bitcoin Days Are Numbered, Here’s His BTC Price Prediction
The highly-anticipated Bitcoin halving event took place successfully over the weekend, cutting the block reward for miners in half.
According to Capriole Investments founder, Charles Edwards, Bitcoin’s post-halving bull run is about to begin, and he anticipates robust growth for the largest digital asset.
Edwards said that the recent halving will represent a seismic shift for Bitcoin at this point in time given that electricity costs have risen to $77,400 for each new BTC mined.
It is worth noting that Bitcoin’s $77,400 electricity cost (the “raw” electricity cost per block) is now higher than the spot price. Edwards stated that sub-$100,000 Bitcoin days are numbered.
To conclude, Edwards analyzed that when the BTC spot price trades below the cost of electricity, it is extremely rare, and he suggested that it will not be long before this situation is rectified, predicting that BTC will shoot past $100,000 in the coming days.
As of the time of writing, Bitcoin is up 2.46% and is changing hands at $66,178.
