Bitcoin Production Cost Down to $13K, Is This Negative for BTC?

2022.07.14 18:27

Bitcoin Production Cost Down to $13K, Is This Negative for BTC?

• The decline in BTC’s production cost could be bad for the token as the negative outlook on its price looms amid a bear market, experts say.
• JPMorgan (NYSE:JPM) strategists suggest that the dwindling numbers “might be perceived as negative” for the price of bitcoin.
• Nikolaos Panigirtzoglou’s team posits that the plunge is the result of an effort of miners to protect profitability by deploying efficient mining rigs.

The decline in bitcoin’s (BTC’s) production cost could prove to be detrimental for the top cryptocurrency as the negative outlook on its price looms amid a bear market, experts say.

As reported by Bloomberg, JPMorgan strategists led by Nikolaos Panigirtzoglou suggest that the dwindling numbers “might be perceived as negative” for the price of bitcoin.

The decline in the production cost might be perceived as negative for the Bitcoin price outlook going forward. The production cost is perceived by some market participants as the lower bound of the Bitcoin’s price range in a bear market.