Bitcoin&#8217;s bearish structure over the past few weeks has raised clear concerns about the flagship cryptocurrency’s future. Amid these concerns are speculations concerning its trajectory, some of which point to bottoms as low as $25,000. However, an on-chain analyst recently took to the social media platform X to explain why Bitcoin’s fall to $25,000 is an unlikely scenario in its current cycle. Electrical Cost Model Points To Potential Bitcoin Bottom In a June 6 post on X, crypto analyst Ted Pillows implied that the Bitcoin price might see further declines before a definitive bear market bottom is established. This conjecture is based on the Bitcoin Electrical Cost model.  For context, the model estimates Bitcoin&#8217;s fundamental production costs by measuring the electricity required to mine new BTC. Because mining operations tend to consume substantial amounts of energy, the metric is often used as a proxy for Bitcoin&#8217;s inherent value. This is because it represents the minimum price at which miners can sustainably operate over the long term. Related Reading: Analyst Who Predicted the Bitcoin Crash Says Price Could Reach $40,000, Here’s When In line with historical data, Pillows explained that Bitcoin bear markets have never fallen below this Electrical Cost, despite the severe drawdowns seen during these periods. On the contrary, bear markets have often found bottoms near this crucial price level.  Pillows pointed out that Bitcoin&#8217;s current Electrical Cost sits at approximately $48,694 — a threshold still somewhat far from Bitcoin&#8217;s current market price. According to the analyst, this suggests that the BTC price could find support near $50,000 if the current downturn continues. However, Pillows highlighted a caveat in this analysis, stating that it would take an extraordinary global event for this support zone to be broken. In the event that the world is hit by a recession or a pandemic as severe as COVID, the Bitcoin price could temporarily fall below its estimated production cost due to panic-driven sales. Silent BTC Accumulation On Binance Underway As Outflows Steadily Climb In a Quicktake post on CryptoQuant, analyst CryptoOnchain highlighted an interesting contradiction ongoing within the Bitcoin market. According to the on-chain analyst, BTC accumulation events have been underway on Binance.  The analyst noted that technical indicators — notably, the RSI (14) and the EMA50/200 — are telling a clearly bearish story. RSI readings, for example, have fallen to extreme levels near 6.4, and the EMA50/200 currently displays a “Death Cross” pattern.  At the same time, Binance’s Exchange Netflows reads as negative (-0.58σ), indicating that Bitcoin is leaving Binance consistently—an event that further suggests its holders are accumulating BTC rather than simply panic-selling. But then CryptoOnchain explained that the unignorable threat of a long squeeze still looms, given the high Open Interest.  As of this writing, the price of BTC stands at around $602,388, reflecting an almost 3% jump in the past 24 hours.  Related Reading: Bitcoin Testing A Critical Support After Sharp Market-Wide Selloff Featured image from iStock, chart from TradingView

شهد سعر البيتكوين مؤخرًا اتجاهًا هبوطيًا، حيث أعرب المحللون عن قلقهم بشأن مسارها المستقبلي. اقترح تيد بيلوز، محلل البيانات على السلسلة، أن نموذج تكلفة الكهرباء للبيتكوين يشير إلى احتمال وجود قاع في السوق بالقرب من 50,000 دولار، مما يتعارض مع التكهنات بشأن انخفاض إلى 25,000 دولار.

El precio de Bitcoin ha mostrado recientemente una tendencia bajista, con analistas expresando preocupaciones sobre su trayectoria futura. Ted Pillows, un analista on-chain, sugirió que el modelo de costo eléctrico de Bitcoin indica un posible fondo de mercado cerca de $50,000, contrarrestando las especulaciones de una caída a $25,000.

Le prix du Bitcoin a récemment montré une tendance baissière, les analystes exprimant des inquiétudes quant à sa trajectoire future. Ted Pillows, un analyste on-chain, a suggéré que le modèle de coût électrique du Bitcoin indique un potentiel plancher de marché autour de 50 000 $, contrecarrant les spéculations d'une chute à 25 000 $.

Bitcoin's price has recently shown a bearish trend, with analysts expressing concerns about its future trajectory. Ted Pillows, an on-chain analyst, suggested that the Bitcoin Electrical Cost model indicates a potential market bottom near $50,000, countering speculations of a drop to $25,000.