CryptoQuant, a cryptocurrency analytics firm, has indicated a potential Bitcoin rally in Q3 2024 following a recent assessment. The company suggests that concerns over Bitcoin miners’ selling pressure have subsided, potentially clearing the path for a market surge.
Recent market downturns were attributed in part to substantial selling by Bitcoin miners, whose surplus was not fully absorbed. However, CryptoQuant reports that this selling pressure has notably eased due to two primary factors:
Firstly, the volume of Bitcoin sent to exchanges for sale by miners has significantly declined since May, indicating reduced selling pressure.
Secondly, the Over-the-Counter (OTC) Desk volume used by miners has been depleting as they struggled to find buyers, culminating in the complete consumption of this supply on June 29, suggesting a potential buyer intervened.
With these developments, CryptoQuant believes that conditions are now ripe for a resumption of the upward trend in the Bitcoin market during Q3 2024.
Disclaimer: This article does not constitute investment advice.
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