Bitcoin price touched the $70,000 price level for the first time since June 12, reaching highs of $70,016 on Bitstamp.
The rebound to above the $70k level has bulls eyeing a new upward push that could take Bitcoin beyond its all-time high above $73k reached in March.
What are analysts saying about Bitcoin price?
While BTC targets strengthening above the psychological level, a crypto analyst at CryptoQuant warns that miners are likely to see further outflows and contribute to new sell-off pressure for BTC.
According to XBTManager, miners have moved BTC from their wallets at recent price levels. The previous support level for the miner capitulation was around $53k.
Miners continue their calm before the storm
“After a support level of $53,000, miner outflow continues to rise. #Bitcoin has been observed leaving miner wallets at the current price level, which could create potential selling pressure.” &- By @XBTManager
Full post 👇… pic.twitter.com/cZu2eLSUYp
— CryptoQuant.com (@cryptoquant_com) July 29, 2024
However, Plan B, the creator of the stock-to-flow (S2F) model, shared his prediction earlier in the day suggesting miner revenue bottomed.& Per the analyst, it is possible Bitcoin price could surge to double current value in three to five months.
Miner revenue bottomed after April 2024 halving.
I expect bitcoin price to double from today in 3-5 months. pic.twitter.com/JoiQ4jeE4I— PlanB (@100trillionUSD) July 29, 2024
The Bitcoin 2024 momentum seems to be providing the upward momentum for BTC seen over the past three days. However, after piercing $70k, the top coin’s price is sharply back lower to currently trade near $69,500.
The post Bitcoin touches $70k as analyst warns of ‘calm before storm’ for miners appeared first on CoinJournal.
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