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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Bitcoin has reached a pivotal decision point after a rally that began the month on a bullish note, with the cryptocurrency posting a roughly 10% gain over the past seven days, according to CoinMarketCap data cited by market analyst Sminston With.
In an X post dated April 10, Sminston With said Bitcoin’s price is trading within the Power Law estimate of the current Cost of Production (CoP). The Power Law (PL) framework plots Bitcoin’s price on a logarithmic scale, with upper bands indicating an overheated zone and lower bands pointing to an undervalued zone.
Cost of Production refers to the average cost miners incur to produce 1 BTC, including electricity, hardware, and other operating expenses. When the market price falls below CoP, miners can become largely unprofitable, which can lead to operational shutdowns.
The analyst said Bitcoin is currently at, or just barely below, the Power Law estimate of the CoP floor at $73,234.
Looking to potential lower levels, Sminston With outlined the following ranges based on the Power Law bands and CoP estimates:
With Bitcoin trading around the CoP, the analyst characterized the price as “fair value,” neither cheap nor expensive. If Bitcoin were to lose this structural support, the Power Law chart suggests a steep correction could follow, with $60,000 positioned as the next potential correction floor. In the worst case, a breakdown could push the market toward $53,000, a level described as deep market stress and a potential accumulation zone for long-term holders.
Separately, Bitcoin’s hashrate is stabilizing around 873.19 EH/s, according to CoinWarz data. The network briefly surged toward 1.2 ZH/s twice during the past week, but failed to sustain a breakout above that level. The analyst noted that the threshold has not been consistently cleared over the last six months, with the prior occurrence dating back to December.
At press time, Bitcoin trades at $72,709, reflecting a 9.03% weekly gain and a 4.13% monthly gain.

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