As a seasoned crypto investor with a decade-long journey through the rollercoaster ride that is the digital asset market, I find myself cautiously intrigued by the recent predictions and observations surrounding Bitcoin ($BTC). The analysis of Mikybull Crypto, with his impressive following and deep understanding of the industry, has piqued my interest.
After experiencing a recovery above the $50,000 level earlier this month, the value of Bitcoin ($BTC) has found it challenging to break through the $60,000 threshold, yet its control within the crypto market continues to expand, potentially signaling an intense drop in value.
As per the analysis by renowned cryptocurrency expert Mikybull Crypto, Bitcoin’s dominance in the overall cryptocurrency market might trigger a significant or “dramatic” drop, as suggested in a post the analyst made for their 70,000+ followers on the social media platform X.
After the analyst highlighted that the TD Sequential indicator, commonly used by traders and analysts to identify possible buy or sell signals in the market, showed a top signal for Bitcoin’s dominance, the prediction was made.
As a seasoned cryptocurrency investor with years of experience under my belt, I can’t help but be intrigued by the Bitcoin dominance cycle top confirmation we are currently witnessing. Having navigated through numerous market cycles, I’ve learned that these events can often signal significant shifts in the market landscape.
— Mikybull 🐂Crypto (@MikybullCrypto) August 12, 2024
Tom DeMark’s indicator predicts the potential time when a trend might run out and flip by analyzing significant points on a price chart using a sequence of numbers (sequentials). These numbers are calculated based on specific rules concerning the closing prices of an asset across a defined period.
The prediction for Bitcoin’s price increase is based on the recent decrease in Bitcoin miners’ BTC holdings over the past few months. This reduction has brought their reserves to their lowest point since January 2021, a time when Bitcoin’s value skyrocketed from approximately $25,000 to over $69,000 before experiencing a decline.
Due to the recent halving update in April, the total Bitcoin owned by miners has dropped to its lowest point in three years. This decline is because the update reduced the amount of Bitcoin each miner receives for mining a new block by half.
Based on a Bloomberg report utilizing data from Kaiko, miners currently hold approximately 1.5 million Bitcoins, valued at around $86 billion. Since the cryptocurrency market experienced a significant rally towards the end of 2023, miners have been observed selling tokens extensively. The revenues generated from these sales are typically used to support their ongoing operations.
Data from cryptocurrency analytics firm CryptoQuant confirms there has been a severe downtrend in miner reserves, with its data pointing to reserves of around 1.8 million BTC.
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2024-08-14 05:12