BTC shows an upward trend and hovers above $69,500, but altcoins have yet to start the expected rise. This week’s key event is the Fed meeting and the upcoming US data on Friday. Although investors encouraged by Trump‘s statements have increased their appetite for BTC, altcoins may wait for the monthly close.
Current Status of Bitcoin Miners
After the largest miner announced a $100 million purchase, investors breathed a sigh of relief. On the other hand, mining activity is strengthening. Mining difficulty is expected to break an all-time record again at the end of the month. Hashrate and other mining difficulty indicators, confirming the end of the capitulation phase after the halving, already pointed to such a recovery.
According to MiningPoolStats data, the difficulty reaching 665 exahash (EH/s) may not rise as quickly as expected, according to CryptoQuant. One of the Quicktake blog posts highlighted the miner position index.
“The miner position index (MPI) is at a very low level. This situation adds some selling pressure to the current structures but does not create significant selling pressure overall.”
XBTManager wrote the following;
“After the $53,000 support level, miner exits continue to increase. Bitcoin‘s current price level has seen exits from miner wallets, which could create potential selling pressure. A similar example was seen on May 21.”
This scenario could trigger a return to the $60,000 base even if we see a rise in the short term. However, the removal of MTGOX and German sales, along with Trump’s encouraging speech, should remind us that we are in a much better place than in May.
Bitcoin Price Prediction
Crypto markets’ fear and greed index has risen above 70 again. This return in the index, which had fallen to the extreme fear zone for a long time, shows why recent major developments could trigger higher levels. The bullish sentiment is at its best levels in 16 months since the start of the bull market. There are many justifiable reasons for investors to be hopeful for the last quarter.
Santiment published a survey last week on when BTC might surpass its ATH level again. The dominant view here indicates that BTC could set a new record level in October, especially at the end of the month.
