Crypto CEO Predicts Bitcoin Market Trends For The Mid-Term Using Miner Capitulation | Bitcoinist.com


Miners
are
an
integral
part
of
the
Bitcoin
network
and
since
new
supply
comes
through
them,
it
can
be
important
to
track
what
the
miners
are
doing
with
their
coins
in
an
effort
to
predict
where
the
market
might
be
headed
next.
Given
this,
Ki
Young
Ju,
founder
of
the
analytics
platform
Cryptoquant,
has
tracked
Bitcoin
miner
behavior,
placing
them
in
a
capitulation
trend
and
predicting
what
the
market
might
do
going
forward
as
a
result
of
this.

Bitcoin
Miners
Are
Still
Capitulating

In
the
analysis
that
was

posted
on
X
(formerly
Twitter),
Ki
Young
Ju
revealed
that

Bitcoin
miners
are
still
in
capitulation
mode.
This
shows
that
these
miners
have
given
in
to
the
current
market
trend,
which
is
still
bearish,
and
this
might
continue
for
a
while.

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As
the
Cryptoquant
CEO
points
out,
there
are
situations
which
would
call
for
the
end
of
this
capitulation,
and
one
of
those
is
the
percentage
of
the
average
daily
mined
BTC
in
comparison
to
the
total
BTC
mined
yearly.
Usually,
this
end
of
capitulation
happens
when
the
average
daily

mined
BTC
is
sitting
at
40%
of
the
yearly
averaged.

However,
the
daily
average
compared
to
the
yearly
average
is
still
way
higher
than
needed,
currently
sitting
at
72%
at
the
time
of
the
report.
Given
this,
the
CEO
does
not
believe
the

miner
capitulation
will
end
anytime
soon.

Rather,
Ki
Young
Ju
advises
investors
to
strap
in
for
the
long
term.
According
to
him,

the
Bitcoin
price
is
still
bullish
in
the
long
term.
However,
in
the
next
2-3
months,
not
much
is
expected
to
happen,
calling
the
markets
“boring”
during
this
time.
He
advises
investors
to
avoid
too
much
risk
during
this
time
as
well.

BTC
Still
Holding
Strong

The
crypto
CEO’s
stance
on
Bitcoin
has
not
shifted
much
from
bullish
despite
the
market
headwinds.
In
another
post,
he

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analyzed
the
movement
of
the
Mt.
Gox
47,000
BTC,
which
had
sparked
worry
among
investors.
However,
unlike
the
broader
market,
the
CEO
of
Cryptoquant
does
not
believe
it
will
negatively
affect
price.


According
to
him,
the 
Mt.
Gox
transaction,

which
had
sparked
debate,
had
simply
been
an
internal
transfer.
 Furthermore,
even
if
it
was
a
sale
transaction,
it
was
likely
to
be
an
OTC
deal,
which
would
have
little
to
no
effect
on
the
broader
market.

Lastly,
these
transactions
were
actually
not
going
through
brokers
or
exchanges,
so
the
supply
wasn’t

impacting
the
market
price.
Furthermore,
given
that
there
was
no
significant
spike
in
volume,
it
points
to
the
fact
that
Mt.
Gox
sales
aren’t
driving
the
market.

BTC
price
drops
with
bearish
pressure
|
Source:

BTCUSD
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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