With less than nine months left until the next Bitcoin halving, the consensus among analysts and investors is that next year’s halving event will push Bitcoin prices to record highs and even exceed $100,000. Despite this view, the cryptocurrency market remains starved of new capital inflows, while current macroeconomic headwinds and Bitcoin’s continued trading below $30,000 do not inspire confidence in the subject matter in the short term.

In a recent interview with Paul Barro, Sue Ennis, vice president of Bitcoin mining company Hut 8, mentioned that she expects Bitcoin to hit $100,000 next year and how the upcoming halving event will affect Bitcoin miners. Hut 8 currently has a balance of 9,152 Bitcoins in reserves, of which 8,305 are unencumbered.

Paul Barro asked in an interview whether "the increase in Bitcoin mining difficulty will trigger a new wave of selling pressure." He quoted data from the Hashrate Index and pointed out that when Bitcoin mining difficulty increases, it is often accompanied by Bitcoin. price drop.

At the same time, Paul Barro is also curious whether miners will gradually enter the stage of replacing old equipment with new ones due to the upcoming halving, and then sell Bitcoin to obtain funds; in addition, whether the price trend of Bitcoin before and after the halving will not be like investment As optimistic as one would expect.

In response to Paul Barro's question, Sue Ennis pointed out that the mining field is currently experiencing many unprecedented situations, but what is interesting is that although the currency price continues to trade within a certain range, the mining computing power continues to rise and has been improving. . Sue Ennis believes that this sign means that a large number of new entrants are flooding into the Bitcoin network.

Sue Ennis mentioned that there are currently 60 megawatts of nuclear and renewable energy generating electricity in the Middle East, and the local government is also exploring Bitcoin mining, but the availability of more computing power has little to do with price fluctuations.

In order to survive after the halving, Sue Ennis suggested that miners need to avoid a single source of income. That is, in addition to Bitcoin mining, they also need other channels to earn revenue, including exploring AI applications and converting some idle mining equipment. There is space for GPUs to serve companies that specialize in AI training, as well as potentially provide industrial-grade ASIC mining machine repair services, and even participate in demand response programs for large energy producers and power distribution operators.

Cryptocurrency investors have been waiting for the launch of Bitcoin spot ETFs for years. Even though there have been a large number of applications recently, the U.S. Securities and Exchange Commission (SEC) has still not released it. Although there is no guarantee whether it will be approved, Sue Ennis said that the spot ETF will be launched soon. "It's a big plus for Bitcoin." However, she also warned that because cryptocurrency mining stocks are often viewed as alternatives to Bitcoin investment, such stocks may instead face selling pressure if a Bitcoin spot ETF is approved.

Regarding the chances of a Bitcoin spot ETF being approved before the end of this year, Sue Ennis said:

The probability is certainly higher than 50%. The practical reason for my optimism is that BlackRock, which is powerful and the world's largest asset manager, is joining the fray. Their influence on innovation matters has been recognized in the past. Therefore, I think it is a very favorable signal for them to make such an application.

Speaking about her Bitcoin price target, she said:

I do think we could see Bitcoin surge to $100,000 next cycle, based on the calculation that Bitcoin would only need to capture “2% to 5% of gold’s $13 trillion in institutional portfolio funds.” . If Bitcoin could capture 2% to 3% of gold’s market capitalization, it would be a huge rally, with prices hitting $100,000.

This article: Bitcoin spot ETF will be "big profit" if it passes the test! Miners: BTC will hit $100,000 appeared first on Blockchain.