Bitcoin has managed to maintain its footing above the $75,000 price mark following a new all-time high (ATH) of $76,872 recorded yesterday. At present, the cryptocurrency is trading at $76,587, reflecting a modest 0.9% dip from its peak while still marking a 1.7% daily increase. This stability signals resilience and has fueled speculation regarding Bitcoin’s next price move.
A notable trend among Bitcoin miners has emerged as they hold back on selling their BTC holdings despite the asset trading near its ATH. According to a CryptoQuant analyst identified as theKriptolik, this behavior suggests that miners believe the current valuation remains undervalued. Typically, miners transfer BTC to exchanges and sell when prices approach an ATH to cover operational expenses, but this behavior has not been observed recently, indicating a potential belief in further price gains.
TheKriptolik referenced miner activity on October 29, when a substantial inflow of BTC to exchanges occurred, resulting in sales with no corresponding outflows. This recent lack of exchange-bound transfers signals miners’ confidence in Bitcoin’s ongoing upward momentum. Historically, miner behavior has served as a key indicator of market sentiment, with sales often coinciding with market tops.
The positive sentiment among miners is mirrored by other market analysts who have offered bullish forecasts for Bitcoin’s price trajectory. Javon Marks, a prominent crypto analyst, noted that Bitcoin’s ability to maintain a stronghold above a critical $67,559 level sets the stage for further upward movement. Marks projected that Bitcoin could experience a rally of over 51%, potentially pushing the price to $116,652. He emphasized that this movement could unfold at a faster pace than many market participants currently anticipate, driven by strong underlying market dynamics.
Similarly, another CryptoQuant analyst, Mignolet, suggested that the conditions for Bitcoin entering the second phase of its bull rally are falling into place. Mignolet explained that this transition involves changes in market participant behavior, particularly among long-term holders (LTHs) and short-term holders (STHs). As LTH supply begins to be distributed, an influx of new liquidity and capital is critical to sustaining the rally’s momentum. He highlighted that the current market environment, characterized by increased liquidity and echoes of the 2017 bull cycle, supports the completion of Phase 2 of Bitcoin’s price surge.
