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Bitcoin miner

Crypto CEO Predicts Bitcoin Market Trends For The Mid-Term Using Miner Capitulation

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Miners are an integral part of the Bitcoin network and since new supply comes through them, it can be important to track what the miners are doing with their coins in an effort to predict where the market might be headed next. Given this, Ki Young Ju, founder of the analytics platform Cryptoquant, has tracked Bitcoin miner behavior, placing them in a capitulation trend and predicting what the market might do going forward as a result of this.

Bitcoin Miners Are Still Capitulating

In the analysis that was posted on X (formerly Twitter), Ki Young Ju revealed that Bitcoin miners are still in capitulation mode. This shows that these miners have given in to the current market trend, which is still bearish, and this might continue for a while.

Related Reading: Scam Watcher Sends Urgent Warning To Shiba Inu Community

As the Cryptoquant CEO points out, there are situations which would call for the end of this capitulation, and one of those is the percentage of the average daily mined BTC in comparison to the total BTC mined yearly. Usually, this end of capitulation happens when the average daily mined BTC is sitting at 40% of the yearly averaged.

However, the daily average compared to the yearly average is still way higher than needed, currently sitting at 72% at the time of the report. Given this, the CEO does not believe the miner capitulation will end anytime soon.

Rather, Ki Young Ju advises investors to strap in for the long term. According to him, the Bitcoin price is still bullish in the long term. However, in the next 2-3 months, not much is expected to happen, calling the markets “boring” during this time. He advises investors to avoid too much risk during this time as well.

BTC Still Holding Strong

The crypto CEO’s stance on Bitcoin has not shifted much from bullish despite the market headwinds. In another post, he analyzed the movement of the Mt. Gox 47,000 BTC, which had sparked worry among investors. However, unlike the broader market, the CEO of Cryptoquant does not believe it will negatively affect price.

Related Reading: Shiba Inu Lead Developer Plans To Follow In SHIB Founder’s Footsteps, Here’s How

According to him, the Mt. Gox transaction, which had sparked debate, had simply been an internal transfer. Furthermore, even if it was a sale transaction, it was likely to be an OTC deal, which would have little to no effect on the broader market.

Lastly, these transactions were actually not going through brokers or exchanges, so the supply wasn’t impacting the market price. Furthermore, given that there was no significant spike in volume, it points to the fact that Mt. Gox sales aren’t driving the market.

Bitcoin price chart from Tradingview.com
BTC price drops with bearish pressure | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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