In the past few days, Bitcoin (BTC) has oscillated between $100,000 – $102,000 after several failed attempts to push into higher price zones.
Despite breaching the $100,000 price mark earlier in December, the major cryptocurrency has seen its upward momentum slow in Q4, rising just over 4% so far in this final month of 2024. Amid this growth Stalling in prices, recent data on Bitcoin miners has emerged. The transactions may signal additional concerns for investors.
Bitcoin miners’ holdings fell to 1.95 million BTC
According to famous cryptocurrency expert Ali Martinez, Bitcoin miners have recently… Shedding large amounts Of their property. based on According to Santiment data, these miners have sold more than 140,000 BTC, worth $13.72 billion, so far in December, reducing their supply from about 2.08 million BTC to 1.95 million BTC.
Overall, a massive decline in Bitcoin miners’ holdings could be an indicator of potential weakness in the Bitcoin price. Furthermore, this can put downward pressure on the asset price especially if the newly released supply exceeds market demand.
Furthermore, while Bitcoin miners could simply liquidate their holdings to cover operating costs, larger market sales like the one reported by Martinez may signal financial constraints and potential miner capitulation occurring alongside an extended bear market.
So far, the BTC price has yet to show any significant reaction to this decline in miners’ holdings, as the asset has only seen short price declines, following a sudden price collapse and rejection at the 102,000 price area.
Is BTC heading towards the $176,000 target?
In other news, there is a market analyst with the username X Egrag Crypto His predictions were supported For Bitcoin to reach $176,000 in this current bull cycle. Using Fibonacci levels to identify potential support and resistance levels, Egrag Crypto previously released this price forecast ahead of the Bitcoin price spike in November.
With the top cryptocurrency now reaching $101,000, the analyst expects BTC to reach its first price target at $105,000, opening the floor for a price rally to $130,000. After that, Bitcoin price is expected to rise to $176,000, which may constitute the local peak of this bull cycle. Interestingly, Egrag also predicted the next bear market target suggesting that BTC could fall between $33,000 – $44,600 at the end of this bull cycle.
At the time of writing, Bitcoin is trading at $101,870, reflecting a 1.56% gain in the past seven days. At the same time, the asset trading volume decreased by 36.10% and reached $37.44 billion.
Featured image from Bloomberg News, chart from Tradingview