Over the past few days, Bitcoin (BTC) has dropped between $100,000 – $102,000 following several failed attempts to push to higher price levels.
Despite breaking the $100,000 mark in early December, the premier cryptocurrency has seen its bullish momentum in Q4 slow down, rising just over 4% so far in the last month of 2024. Among these price increases stand, the latest data about Bitcoin miners. ‘ transactions may indicate more concern for investors.
Bitcoin Miners’ Holdings Drop To 1.95 Million BTC
According to famous crypto-crypto expert Ali Martinez, Bitcoin miners have recently lost a significant amount of their assets. Based on data from Santiment, these miners have sold more than 140,000 BTC, with a value of 13.72 billion dollars, until now in December, reducing their supply held from the world 2.08 million BTC to 1.95 million BTC.
In general, a large drop in the supply of Bitcoin miners can be an indication of potential weakness in the price of BTC. In addition, it can produce downward pressure on commodity prices especially if new releases exceed market demand.
In addition, while Bitcoin miners may not be able to freeze their capital to cover operating costs, a larger market sell-off like the one reported by Martinez may indicate financial difficulties and possible miners being ripped off in the wake of an extended bear market.
So far, the price of BTC has not seen any significant reaction to this decline in miners’ assets with the asset experiencing only a short price pullback, following a sudden price crash and rejection in the 102,000 price area.
BTC Heading for 176,000 Target?
In other news, market analyst with X username Egrag Crypto backed up his prediction that Bitcoin will hit $176,000 in the current bull cycle. Using Fibonacci levels to identify potential support and resistance levels, Egrag Crypto has previously released this price forecast ahead of the Bitcoin price rally in November.
With the virgin cryptocurrency now at $ 101,000, the analyst predicts that BTC is set to hit its initial price at $ 105,000 opening the bottom to increase the price to $ 130,000. After that, Bitcoin is expected to rise to $176,000 which may form a local high in this bull cycle. Interestingly, Egrag also predicted the next bear market target indicating that BTC may fall between $33,000 – $44,600, at the end of this bull cycle.
At the time of writing, BTC is trading at $101,870 showing a 1.56% gain over the past seven days. During that time, the trading volume of the commodity decreased by 36.10% and has a value of 37.44 billion dollars.
Featured image from Bloomberg News, chart from Tradingview
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