Bitcoin is still above the $75,000 mark, despite yesterday’s new record-high (ATH) price of $76,872.
In the present moment, Bitcoin is currently trading at $76,587. It represents a small 0.9% decline from its previous peak but still shows a 1.7% increase in daily value. The stability of Bitcoin has fueled speculation about its future. next price move.
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Bitcoin Miners Refuse to Sell, Why?
CryptoQuant Analyst theKriptolik identified Bitcoin as trading at $76,000. pointed out A notable trend is emerging among Bitcoin miners.
TheKriptolik reports that miners have not sold their BTC assets, even though the asset is trading at its ATH. They believe the BTC valuation to be undervalued.
The analyst noted that, in order to pay for their operating expenses, miners usually transfer BTC into exchanges to sell when the prices reach an ATH. The analyst noted that this behavior has not been observed in the recent past, which could indicate a belief. Source: CryptoQuant further price gains.
TheKriptolik explained this behavior by referring to miner activity that occurred on October 29th, when there was a large inflow of BTC into exchanges. This resulted in the sale of holdings without any corresponding outflows.
The lack of exchange-bound transactions in recent months indicates that miners are confident about Bitcoin’s upward trajectory. The behaviour of miners has historically been a leading indicator. market sentimentSales often coincide with the market’s top positions.
There is a lot of optimism among analysts and technical signals
Other market analysts have also expressed bullish predictions for Bitcoin’s future price. Javon Marks is a well-known crypto analyst. noted Bitcoin’s ability to hold a firm position above the critical level of $67,559 sets up a further upward trend.
Marks believes that Bitcoin’s price could reach $116,652 if it experiences a 51% rally. Marks said that the movement may unfold faster than most market participants expect, due to strong demand. underlying market dynamics.
Mignolet has offered a similar analysis. outlook It appears that conditions are ripening for Bitcoin’s second bull market phase.
Mignolet said that the market participants’ behaviour is changing, especially amongst long-term (LTHs), and short-term (STHs).
The momentum will be maintained by a new influx of liquidity and capital as the LTH is distributed. Mignolet says that the rally’s momentum is dependent on the influx of new liquidity and capital. current market environmentThe completion of Bitcoin’s Phase 2 price rise is supported by the increased liquidity, which echoes the bull market of 2017.
The conditions for Phase 2 entry are currently being met
“A key condition for moving into Phase 2 is an increase in STH supply, specifically through a surge in new capital. Currently, the market is experiencing abundant new liquidity.” – By @mignoletkr
Link 👇… pic.twitter.com/gszfQFcn13
— CryptoQuant.com (@cryptoquant_com) November 8, 2024
Chart created by TradingView, DALLE.
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Source: www.newsbtc.com
