Bitcoin miners look forward to a repeat of the 2017 rally

Bitcoin miners look forward to a repeat of the 2017 rally

MARKET CORRECTION? ETHEREUM BITCOIN CARDANO CRYPTO What will happen Short Term? (livestream recap)

Contents

Bitcoin miners look forward to a repeat of the 2017 rally
CONTENT

  • Miner activity index began to return to the rally indicator

  • The activity of cryptocurrency miners in one way or another affects the price of bitcoin

  • In early September, the collapse of bitcoin from $ 12,000 fell on the massive drain of bitcoin by miners

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Cryptocurrency miners began to show activity similar to the 2017 rally, according to the analytical service CryptoQuant

Qi Yang Joo, CEO of analytical blockchain service CryptoQuant, believes that patterns have begun to appear on the market, signaling an imminent resumption of growth in the value of bitcoin. Key wrote about this on Twitter..

Bitcoin miners look forward to a repeat of the 2017 rally

The head of CryptoQuant noted that it is mining pools that often have a great impact on the dynamics of the movement of cryptocurrency..

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The strengthening of the MPI (Miner Position Index) index of miners’ activity may mean that macroeconomic factors no longer have the same impact on the price of bitcoin as they did before..

“If bitcoin miners continue to affect the price, new growth should start soon. MPI has a very high likelihood of predicting a bull / bear market while macro factors such as the stock market do not greatly affect [the forecast], ”said Key.

According to the published chart, the miners’ drawdown is coming to an end. Historically, it turns out that every time the activity of miners begins to grow in the market, the price of bitcoin also rises..

Source: twitter.com

However, there were also exceptions. For example, in mid-April 2014, miners’ activity was in a negative range, but the price of bitcoin continued to rise. A similar situation occurred in 2016, when the MPI level reached record negative values ​​despite the continued growth of bitcoin..

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Miner effect

The actions of the miners somehow correlate with the price of bitcoin, although not immediately. In early September, the BeInCrypto editorial staff reported that bitcoin miners began to massively withdraw cryptocurrency to exchanges. Starting from September 1, at least the mining pools PoolinCryptocurrency is not only an alternative to traditional money, but also a tool for earning. To process transactions in the network of coins, a computing … More, Antpool and Slush Pool, have withdrawn over 3500 bitcoins worth more than $ 40 million.

Source: twitter.com

Already on September 2, the price of bitcoin fell from $ 12,000 to $ 11,357, and on September 4, it completely sank to $ 10,243. At the time of this writing, the price of BTC / USDT is $ 10,755.

Bitcoin miners look forward to a repeat of the 2017 rally

Despite the drawdown, bitcoin remains the most profitable investment asset since the beginning of the year, overtaking gold, the NASDAQ index, and US bonds by a wide margin. Oil became an outsider, which dropped significantly in 2020.

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