Bitcoin touches $70k as analyst warns of ‘calm before storm’ for miners
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.
