Bitcoin mining costs have soared to about $70,000 per coin, with historical trends suggesting that Bitcoin's price could often reach five times the mining cost during bull markets. Although currently trading at $94,791, significant institutional interest is evident from companies like BlackRock and MicroStrategy, indicating potential bullish momentum.
The April 2024 halving event reduced block rewards to 3.125 BTC, resulting in increased scarcity, which historically propels price gains. With nearly 19.9 million Bitcoin mined, the supply is nearing its cap, driving speculation that Bitcoin prices might surge to a target of $350,000 in the future.
