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Bitcoin Traders, Miners Unite – Could BTC Soar 560%?
Bitcoin [BTC] has been trending upwards in recent times, reaching a new all-time high of over $109,000. This milestone might serve as a psychological support level for the cryptocurrency, fueling further price increases due to an influx of positive sentiment.
Moreover, insights from CryptoQuant suggest that short-term Bitcoin holders have begun selling their holdings at a loss. This historical trend often prompts long-term holders to start accumulating more BTC. These long-term holders are characterized by holding the cryptocurrency for at least 155 days and are generally considered a highly bullish cohort in the market. This behavior reduces the circulating supply of Bitcoin, which could have a positive impact on its price.
Additionally, miners have achieved unprecedented profitability amid rising mining difficulty. According to Glassnode data, miners are currently earning around three times more than usual due to the significant difference between their costs and BTC’s current value. At $104,900 per coin, the cost of mining one Bitcoin is approximately $33,900, as reported by Glassnode.
Miners’ increased profitability could incentivize them to hold onto their reserves as the asset continues to rise in value, further reducing its supply. This behavior combined with accumulation from long-term holders would effectively drain the circulating supply of BTC, potentially paving the way for a significant price surge.
Historical data from Glassnode suggests that if this trend continues to unfold according to previous patterns, Bitcoin [BTC] may see an increase of approximately 562%, or five and sixty-two percent its current price.
Source: ambcrypto.com
