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

Share This Post

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.

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.

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

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto Analyst Says Bitcoin Is Not Ready For $65,000 Retest, But Can It Reach $71,500?

Crypto analyst Rekt Capital has provided insights into the Bitcoin future trajectory Based on his analysis, the flagship crypto might not yet be ready for its next leg up, which could see it climb

Potential Ban on Cryptocurrency Mining in Certain Regions Disrupts Regulatory Efforts in Russia

The potential for a ban on cryptocurrency mining in regions classified as ‘energy deficient’ has hindered the ability to reach a consensus on the approval of cryptocurrency mining regulations in

NEAR Surges 20%: Pantera Capital MP Reveals 5 Reasons For Bullish Outlook

NEAR, the native token of the Layer 1 (L1) blockchain Near Protocol, has surged to a one-month high after breaking out of a previous downtrend that saw the token hit a low of $4 on July 5 Currently

$2.5 Million In Crypto Targeted By US For ‘Pig Butchering’ Scam Victims

United States authorities are looking at seizing some $25 million in crypto from foreigners involved in “pig butchering,” a type of cryptocurrency theft The US Attorney’s Office for

Triple-A: Argentina and Brazil in the Top Ten Of Countries With Most Cryptocurrency Ownership

Argentina and Brazil are part of the top ten countries with the most crypto ownership, according to a recent report issued by Triple-A, a provider of digital currency white-label payment solutions

Injective Labs, 21Shares launch first INJ-linked ETP on Euronext exchanges

Injective Labs, in collaboration with 21Shares, has announced the launch of AINJ — the Injective Staking Exchange-Traded Product (ETP) linked to INJ, which will include staking The fund will allow