JPMorgan expects a decline in Bitcoin. The bank’s analysts, led by Nikolaos Panigirtzoglou, also made a specific prediction beyond a decline, noting that the price could retreat as low as $42,000.

Mining, Hash rate and Cost details…

Stating that halving will seriously increase mining costs, the report stated that the halving could be followed by a decrease in the hash rate and included the following statements:

“The central point of the bank’s estimated production cost range is currently around $26,500, which would mechanically double to $53,000 post-halving. The Bitcoin network could also see a 20% decline in its hash rate after halving, which would reduce the BTC estimated production cost and the price to $42,000.”

The report said that the $42,000 level is also seen as where Bitcoin could end up after the current “euphoria” ends.

On February 15, the mining difficulty set on February 15 hit a record with an 8.2% increase. The difficulty reached over 81 trillion for the first time in Bitcoin history and the hash rate also broke a record.

Bitcoin also made February above $61,000 with the biggest monthly rise in its history.