Bitcoin's 'miner exodus' may push BTC price below $60K
The recent events around the regulation of the crypto industry in China have caused a massive exodus of Bitcoin miners from the country. This has led to a decrease in the overall computing power of the network, which, in turn, may temporarily put pressure on the price of the first cryptocurrency.
According to analysts, without the usual influx of new coins from China, the Bitcoin price may drop below the key $60,000 mark. However, as history shows, Bitcoin typically tends to rebound toward its 'energy' value after prolonged downtrends. According to one analytical model, the fair price of Bitcoin is around $121,000.
Given the high volatility of cryptocurrencies, investors should exercise caution and not make hasty decisions. Despite a possible short-term decline, the fundamental factors supporting Bitcoin remain the same, and the upward trend is likely to continue in the long term.