Bitcoin Bear-Market Bottom May Form Near $50,000, Around Miners’ Power Costs

Bitcoin has recently attempted a rebound, but the final bottom of a prolonged bear market may form near $50,000, around the level of miners’ electricity costs, according to an analysis.

BeInCrypto reported on June 8 that Bitcoin’s electrical cost is currently estimated at about $48,694. Electrical cost refers to the average power expense miners pay to produce one Bitcoin.

The outlet said Bitcoin fell to its electrical-cost level during major bear markets in 2015 and 2022 before rebounding.

Crypto influencer Ted Pillows said Bitcoin is highly likely to bottom near $50,000 unless an extreme shock such as a global recession occurs.

He added that Bitcoin has historically traded below its electrical cost for only a few weeks, with that range serving as an important long-term support level.

Still, some market participants say mining and electricity costs do not guarantee an absolute floor for Bitcoin prices. The macroeconomic backdrop, liquidity conditions and institutional fund flows remain key variables shaping price direction.

The market is now watching whether Bitcoin can defend the electrical-cost range, a key test for the long-term cycle.