Bitcoin Price Prediction: Crypto Analyst Flips Bullish On BTC After Miners Stop Selling
Following the May halving, there have been all kinds of predictions about the price of the king coin, and, as expected, most of them were bullish.
But there weren’t any significant price moves since then, expect the fact that Bitcoin was able to hit $10k, but it quickly corrected back below the important level.
Bitcoin miners are done selling
It’s been revealed that top crypto influencer and Bitcoin maximalists Tuur Demeester cited data from the crypto analytics company Glassnode said that Bitcoin miners are almost done selling BTC.
This is the tweet that he reposted:
When are miners moving large amounts of #Bitcoin?
The Miner Outflow Multiple shows when the volume of $BTC flowing out of miner wallets is high compared to its historical average.
It is the ratio of miner outflow (in USD) and its 365 day MA.
— glassnode (@glassnode) June 5, 2020
It’s also worth noting that Glassnode’s Miner Outflow Multiple metric tracks the volume of Bitcoin flowing out of miner wallets.
As the online publication the Daily Hodl noted, on May 11th, the day of the halving, the reward for completing a block was reduced by 50% to 6.25 BTC.
Also, the revenue earned by miners initially fell by 48%.
“The increased pressure to maintain profitability forced miners comprising up to 30% of the entire Bitcoin network hash rate to exit the market, according to data from the mining pool Poolin,” the online publication noted.
Check out more details on their official website.
At the moment of wiring this article, Bitcoin is trading in the green and the most important coin out there is currently priced at $9,768.68.
Bitcoin to reach new all-time highs this year
The other day, it’s been revealed that Bloomberg just published the latest outlook on crypto markets and made a case for why Bitcoin could touch about $20k this year.
Check out our previous article for more details.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.