Bitcoin miners may be embarking on a new accumulation phase, as revealed by BRN’s lead analyst Valentin Fournier. This trend is marked by a noticeable uptick in Bitcoin inflows into miners’ wallets. Fournier highlights that this is not just about accumulating mining rewards; miners are actively purchasing Bitcoin directly from the market to bolster their reserves.
Recent data from CryptoQuant supports this observation, showing a sharp rise in the seven-day moving average of Bitcoin inflows into miner wallets. Over the past week alone, more than 1,900 Bitcoins have been added to these wallets, including both rewards from mining and recent market purchases. This surge in Bitcoin reserves among miners signals a significant shift and suggests a bullish outlook on Bitcoin’s future.
One notable player in this trend is MARA (formerly Marathon Digital), which has recently announced the acquisition of an additional $100 million worth of Bitcoin. This move aligns with Fournier’s observation of a larger trend among miners. The Hash Ribbon signal, a long-term bullish indicator, has been triggered, marking the end of a period where miners were forced to sell off their holdings. This signal suggests that miners are now more confident and are increasing their mining power, a positive sign for Bitcoin’s future.
Fournier also points out that this accumulation trend is being supported by several positive catalysts. The release of a cooler Personal Consumption Expenditures (PCE) report, Trump’s speech at Bitcoin 2024, and a reduction in selling pressure from Mt. Gox and the Grayscale ETF are all contributing factors. These elements are setting the stage for a potential strong rally that could push Bitcoin to new all-time highs.
HashKey Global’s Managing Director, Ben El-Baz, also emphasizes the impact of Trump’s support for Bitcoin. Trump’s newfound advocacy, along with plans to enhance U.S. energy and shale oil markets, is seen as a major positive development for Bitcoin. El-Baz suggests that Bitcoin could potentially reach $1 million per coin, although this would require overcoming significant historical and market challenges.
Currently, Bitcoin’s price has risen by 3% in the last 24 hours, trading at $69,625 as of the latest data. This price movement reflects the ongoing optimism in the market fueled by the increased accumulation and the positive catalysts at play.
Overall, the increasing accumulation by miners and the favorable market conditions point towards a bullish outlook for Bitcoin, with expectations of significant price movements in the near future.
