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According to experts, things could get tough for crypto miners if Bitcoin doesn’t reach $50,000 by the second quarter of 2024.
“A stable Bitcoin price of $28,000 to $32,000 is not sustainable for many crypto companies, especially high-cost miners,” Needham’s John Todaro commented on the industry’s current situation CNBC. “We expect a significant stock increase for Coinbase and cost-efficient miners if Bitcoin crosses $45,000 to $50,000 by the expected halving date of April 15, 2024.”
Crypto investors are looking forward to the upcoming halving event, which has historically been associated with the emergence of bull markets. This event occurs every four years and results in the halving of Bitcoin mining rewards.