Hashrate forwards signal bullish momentum as analysts predict hash prices will rise over the next six months, supported by Bitcoin's $70,000 rally despite challenges.
Traders of hashrate futures contracts appear to be optimistic about Bitcoin's near-term prospects, with future hash price quotes above spot prices, suggesting bullish sentiment.
Analysts at Hashrate Index expect hash prices to rise over the next six months, with traders expecting difficulty to remain stagnant while transaction fees “and/or Bitcoin prices to rise.” He said in the X post that he expected that.
“Bitcoin has risen to about $70,000, giving hashprice a nice little makeover. Of course, this is off the all-time low of $55/PH/day from the previous halving. With that in mind, it’s all relative.”
hash rate index
Analysts are positive on the compressed mining economy, which is slowing hashrate growth. Despite Bitcoin’s recent surge, hashrate growth has been slow, with analysts expecting only a small increase in the next difficulty adjustment.
“Bitcoin hashrate has bottomed out and is back to a 7-day average of 600 EH/s. Future growth depends on Bitcoin price. Hash prices are compressed and summer approaches in North America Therefore, the hashrate is likely to remain between 600 and 700 EH/s from Q2 to Q3.
Hashrate Index
Looking ahead, Hashrate Index analysts suggest that US miners will mine less Bitcoin over the summer, potentially slowing hashrate growth. Analysts noted that miners elsewhere could supplement that and provide insight into the broader global landscape of hashrate expansion.
