The CryptoQuant CEO also pointed to the doubling of crypto mining costs following the April halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC. He noted that Bitcoin’s price “needs to go up to maintain mining profitability.” On the potential for further price increases, Ju suggested that “many traders are shorting, fueling the bull market with a short squeeze,” though the exact timing of any price explosion remains uncertain.

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