Bitcoin Price Prediction as BTC Rallies 19% in a Month – Is the Bear Market Over?

cryptonews.com:

In recent weeks, Bitcoin has experienced a significant rally, surging 19% in just one month, leading many to question whether the bear market is finally over. This update delves into Bitcoin price predictions and analyzes various factors contributing to the cryptocurrency's recent gains, while also assessing the likelihood of a sustained upward trend.

Bitcoin's one-day mean hashrate reached 398EH/s last weekend, sparking speculation on social media. However, it's important to remember that Bitcoin's hashrate is back-calculated from block production, and luck plays a more significant role in short periods than in longer timeframes, making one-day data less accurate.

Regardless, Bitcoin's monthly average hashrate grew significantly year-to-date from 273EH/s in January to 330EH/s in March. Yet, metrics analyzed by TheMinerMag suggest that growth could slow down in the coming months.

Net spending on property, plant, and equipment (PP&E) by North American public mining companies began shrinking in Q3'22, as shown in data from 18 companies. With only 12 companies reporting cash flow activities for Q4'22, the trend seems to have continued. These 12 companies saw net PP&E spending decrease from Q1 to Q4.

Previous data revealed that Bitcoin miner shipments to the US surged in September 2022 and January 2023, each about six months after the end of Q1'22 and Q2'22, respectively. These quarters saw nearly $2 billion in net PP&E spending by public miners.

Considering the six-month lead time, the reduced PP&E spending in the second half of 2022 suggests that miner shipments to the US may slow down in the coming months, potentially slowing down the hashrate contribution from the US to the network.

If Bitcoin doesn't surge well above $35,000,