The price of BTC is below the average cost of mining it.
Ali Martinez estimated the average cost of bitcoin mining at $86,668. As long as BTC is below $70,000, mining will not pay off.
However, the analyst sees a positive in such data. He believes that this situation will favor the bitcoin in the ATH update.
CryptoQuant CEO Ki-Young Ju also envisions an early return of the bullish trend, pointing to data that will potentially have a positive impact.
A drop in bitcoin below the institutional acquisition price looks unlikely, the analyst said.
