As a seasoned crypto investor with a keen interest in market trends and miner behavior, I find Ki Young Ju’s analysis of Bitcoin miners’ capitulation trend both intriguing and insightful. Miner behavior can indeed be an essential indicator of the broader market sentiment and future price movements.
As a crypto investor, I recognize the significance of miners in the Bitcoin ecosystem, as they are responsible for validating transactions and releasing new coins into circulation. Keeping an eye on miner behavior can provide valuable insights into market trends. For instance, Ki Young Ju, the founder of Cryptoquant, has closely monitored miner actions, identifying a capitulation trend among them. This observation may indicate that miners are selling off their Bitcoin holdings in large quantities, potentially leading to further price declines. As an investor, I would keep this information in mind when making investment decisions and stay updated on any changes in miner behavior to gauge the market direction more accurately.
Bitcoin Miners Are Still Capitulating
In the recent examination shared on X (previously known as Twitter), Ki Young Ju disclosed that Bitcoin miners remain in a state of surrender. Their submission to the prevailing market direction, which remains bearish, indicates a potential prolongation of this trend.
According to the CEO of Cryptoquant, certain conditions may signal an end to the ongoing Bitcoin market downturn. One such indicator is the proportion of daily newly mined Bitcoins compared to the total annual production. Typically, this turning point occurs when the share of daily new coins reaches approximately 40% of the yearly average.
Despite the daily averages being significantly greater than the annual averages, with a current level of 72% exceeding the required threshold, the CEO is skeptical that the miner capitulation will come to an end in the near future.
Ki Young Ju recommends investors to prepare for a prolonged ride with Bitcoin. In his perspective, the cryptocurrency’s bullish trend persists in the long term. However, he anticipates minimal price action or excitement in the coming 2-3 months, describing the markets as “uneventful” or “dull.” Consequently, investors should consider mitigating risks during this period.
BTC Still Holding Strong
The head of Cryptoquant’s perspective on Bitcoin has remained optimistic, scarcely changing even amidst market turbulence. In a separate discussion, he examined the relocation of the 47,000 BTC from Mt. Gox, causing initial concern among investors. However, unlike the general market sentiment, this CEO is confident that it won’t lead to a significant price decrease.
As a crypto investor, I’d like to clarify that based on recent information, the controversial Mt. Gox transaction was most likely an internal transfer within their system. Even if it were a sale transaction, given its size and nature as an over-the-counter (OTC) deal, it would not significantly impact the broader cryptocurrency market.
In summary, these transactions took place outside of brokerages and exchanges, meaning they didn’t affect the market price by adding to the supply. Additionally, the absence of a notable increase in trading volume indicates that sales from Mt. Gox are not influencing the market significantly.
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2024-07-10 17:41