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Bitcoin

Bitcoin Miners Offload $14 Billion BTC – Price Crash To Follow?

Semilore Faleti
by Semilore Faleti
8 months ago
·
Posted in Bitcoin, Bitcoin Breaking News Brief, Bitcoin Debit Card, Bitcoin Mining, Bitcoin News, Bitcoin PR Buzz, Coindesk-test
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the past few days, Bitcoin (BTC) has oscillated between $100,000 – $102,000 following multiple failed attempts to push into higher price zones.

Despite breaching the $100,000 price mark earlier in December, the premier cryptocurrency has seen its bullish momentum in Q4 slow down, rising by only slightly over 4% so far in this final month of 2024. Amidst this stalled price growth, recent data on Bitcoin miners’ transactions may indicate additional concerns for investors.

Related Reading: Bitcoin Miner Riot Platforms Purchases $500 Million Worth Of BTC — Details

Bitcoin Miners’ Holdings Drop To 1.95 Million BTC

According to renowned crypto expert Ali Martinez, Bitcoin miners have recently shed significant amounts of their holdings. Based on data from Santiment, these miners have sold over 140,000 BTC, valued at $13.72 billion, so far in December, reducing their supply held from around 2.08 million BTC to 1.95 million BTC.

Generally, a massive decline in Bitcoin miners’ holdings can be indicative of a potential weakness in BTC’s price. Moreover, it can produce a downward pressure on the asset’s price especially if the newly released supply surpasses market demand. 

Furthermore, while Bitcoin miners can simply liquidate their holdings to cover operational costs, larger market sales such as this reported by Martinez might suggest financial constraints and potential miner capitulation which occurs alongside an extended bear market.

So far, BTC’s price has yet to show any significant reaction to this drop in miner holdings with the asset having only experienced only brief price pullbacks, following a flash price crash and rejections at the 102,000 price region.

Bitcoin
Source: ali_charts on X
Related Reading: Dogecoin Gains More Buying Power With Bullish Crossover On MACD, Here’s Where Price Is Headed Next

BTC Heading For $176,000 Target?

In other news, market analyst with X username Egrag Crypto has backed his prediction for Bitcoin to hit $176,000 in this current bull cycle. Using the Fibonacci levels to identify potential support and resistance levels, Egrag Crypto has previously rolled out this price forecast prior to Bitcoin’s price rally in November. 

With the maiden cryptocurrency now at $101,000, the analyst predicts BTC is set to hit its first price target at $105,000 opening the floor for a price surge to $130,000. Thereafter, Bitcoin is expected to rise to $176,000 which may form the local peak for this bull cycle. Interestingly, Egrag has also forecasted the next bear market target indicating BTC could fall between $33,000 – $44,600, at the end of this bull cycle.

At the time of writing, BTC trades at $101,870 reflecting a 1.56% gain in the last seven days. Meanwhile, the asset’s trading volume is down by 36.10% and valued at $37.44 billion.

Bitcoin
BTC trading at $101,909 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Bloomberg News, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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