Bitcoin May Bottom Near $50,000 as Electrical Cost Model Sets $48,694 Floor
Updated
Updated · TradingView · Jun 5
Bitcoin May Bottom Near $50,000 as Electrical Cost Model Sets $48,694 Floor
2 articles · Updated · TradingView · Jun 5
Summary
$48,694 is Bitcoin’s current estimated electrical cost, and analyst Ted Pillows says past bear markets have typically bottomed near that level, making a slide to $25,000 unlikely in this cycle.
The model treats mining electricity expense as a proxy for Bitcoin’s fundamental production cost and, in Pillows’ view, would likely break only under an extraordinary shock such as a deep recession or pandemic-driven panic selling.
Binance data adds a conflicting signal: CryptoQuant analyst CryptoOnchain said exchange netflows are negative at -0.58σ, suggesting steady BTC withdrawals and accumulation even as technical indicators remain bearish.
RSI has dropped near 6.4 and the EMA50/200 shows a death cross, while elevated open interest still leaves the market exposed to a long squeeze despite Bitcoin’s roughly 3% rebound over the past 24 hours.