Bitcoin price prediction: mining difficulty up 6.44 percent on October 29, next target at $83,691

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Analysis: the computation on the Bitcoin network gets 6.44 percent harder on October 29, after 5.92 percent on October 16. What the two jumps mean for miners' costs, for the October 30 expiry and for the levels at $81,574 and $83,691.Here is what is documented: the mining difficulty on the Bitcoin network will rise by 6.44 percent at the next adjustment on October 29, after it had already climbed 5.92 percent on October 16. Our assessment follows further below. The two jumps explain why the price has not fallen below $81,400 since October 18, and they do not explain where it runs next. For that, the options expiry on October 30 is the more important date. Bitcoin traded at $83,532 on Wednesday afternoon, 2.5 percent above Tuesday's level, according to CoinGecko data. The daily high was $83,568 and the daily low $81,273. Market value stands at $1.679 trillion, leaving the price 33.7 percent below its record of $126,080. Where the price can point over a horizon of months, and whic...