Bitcoin mining difficulty just fell by a record 28%
Bitcoin (BTC) has recorded its biggest mining difficulty drop of nearly 28% on July 3, but one model suggests that the BTC price will not bottom until October. In a series of tweets on July 2, investment manager Timothy Peterson flagged the relationship between Bitcoin price and hash rate as arguable evidence that the dip is not over.
Bitcoin mining difficulty dropped by an estimated 27.94% on Saturday at block height 689,472, the biggest in its history. As Cointelegraph previously explained, the drop is in response to the ongoing miner migration out of China and the subsequent loss of hash rate. For miners still at work, the decrease will be something of a profit boost — difficulty automatically accounts for changes in hash rate, making it more attractive to mine when it drops.
Miners in flux are not expected to return to their craft completely for several months. In that time, difficulty will likely increase again as hash rate goes up — more competition and more power competing for the same set reward. It is a classic mantra among Bitcoiners that “price follows hash rate” — but if that is true, one model charting the phenomenon is painting a sobering picture of future price behavior. Peterson noted that the relationship between price and hash rate is “useful” when it comes to marking macro price tops.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 90.4% | 2 | $26 918.25 | -0.14% | 1.23% | $524 890 483 866 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 91.2% | 3 | $1 666.38 | 0.93% | 4.52% | $200 359 438 928 |  |
|
| 3 |  USDT |
Tether predictions | 92.4% | 1 | $1.000008 | -0.01% | 0% | $83 277 212 554 |  |
|
| 4 |  BNB |
Binance Coin predictions | 90.4% | 2 | $215.61 | 0.44% | 2.23% | $33 170 344 252 |  |
|
| 5 |  XRP |
XRP predictions | 87.6% | 9 | $0.533831 | 5.55% | 3.71% | $28 459 775 133 |  |
|
| 6 |  USDC |
USD Coin predictions | 96% | 1 | $1.000138 | -0.02% | 0.01% | $25 226 935 074 |  |
|
| 7 |  STETH |
Lido stETH predictions | 95.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 8 |  WTRX |
Wrapped TRON predictions | 84.8% | 26 | $0.089024 | 4.13% | 6.05% | $9 051 627 956 |  |
|
| 9 |  ADA |
Cardano predictions | 88.8% | 7 | $0.250162 | 0.96% | 2.49% | $8 787 808 567 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 89.6% | 4 | $0.061916 | 1.15% | 0.66% | $8 743 107 432 |  |
|
| 11 |  SOL |
Solana predictions | 87.2% | 18 | $20.23 | 3.66% | 4.57% | $8 351 111 999 |  |
|
| 12 |  TRX |
TRON predictions | 83.6% | 22 | $0.089647 | 4.02% | 7.25% | $7 985 329 361 |  |
|
| 13 |  TON |
Toncoin predictions | 62.8% | 84 | $2.21 | -1.25% | -4.04% | $7 589 859 927 |  |
|
| 14 |  DAI |
Dai predictions | 93.2% | 1 | $1.000352 | 0.03% | 0.05% | $5 349 770 840 |  |
|
| 15 |  DOT |
Polkadot predictions | 90.8% | 7 | $4.08 | 0.34% | 1.57% | $5 011 854 851 |  |
