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 | 83.2% | 20 | $19 940.57 | 3.80% | -1.66% | $382 236 859 011 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 63.6% | 82 | $1 349.46 | 4.24% | -3.17% | $165 508 092 492 |  |
|
| 3 |  USDT |
Tether predictions | 95.2% | 1 | $1.000154 | 0.01% | 0.01% | $67 959 858 423 |  |
|
| 4 |  USDC |
USD Coin predictions | 92.8% | 1 | $0.999970 | 0% | -0.01% | $47 232 999 984 |  |
|
| 5 |  BNB |
Binance Coin predictions | 85.6% | 15 | $291.87 | 2.18% | 2.56% | $47 090 040 247 |  |
|
| 6 |  XRP |
XRP predictions | 60% | 86 | $0.470970 | 5.78% | -0.24% | $23 501 695 248 |  |
|
| 7 |  BUSD |
Binance USD predictions | 92.4% | 1 | $0.999720 | -0.07% | -0.07% | $21 036 338 983 |  |
|
| 8 |  ADA |
Cardano predictions | 78.4% | 46 | $0.431681 | 2.42% | -5.35% | $14 786 421 309 |  |
|
| 9 |  SOL |
Solana predictions | 87.6% | 22 | $33.62 | 3.77% | -3.47% | $11 939 451 332 |  |
|
| 10 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 88.8% | 14 | $0.060668 | 0.97% | -2.90% | $8 048 894 841 |  |
|
| 12 |  MATIC |
Polygon predictions | 69.2% | 61 | $0.828976 | 7.27% | 6.49% | $7 240 542 782 |  |
|
| 13 |  DOT |
Polkadot predictions | 66.4% | 68 | $6.44 | 2.68% | -4.41% | $7 236 548 542 |  |
|
| 14 |  DAI |
Dai predictions | 91.6% | 1 | $1.000031 | 0.04% | 0.01% | $6 786 897 014 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 93.6% | 5 | $0.061359 | 0.11% | 1.47% | $6 238 726 805 |  |
