The companies mining the first cryptocurrency have probably started a new phase of coin accumulation in order to benefit from the potential growth of the asset. This was stated by BRN analyst Valentin Fournier in an interview with The Block.
According to the expert, in addition to accumulating mining rewards, large players seem to purchase bitcoin directly from the market to increase their reserves.
"They gave a boost to Hash Ribbons, a long—term bullish indicator indicating the end of the surrender of miners and an increase in computing power used to extract digital gold," he added.
https://forklog.com/news/analitik-zafiksiroval-signal-na-pokupku-bitkoinaFournier explained that such behavior by market participants indicates confidence in the long-term prospects of the first cryptocurrency. In such a situation, traders are inclined to continue investing in bitcoin, focusing on a number of strong growth catalysts, the expert added.
"The release of the cooling PCE on Friday, Trump's speech on Bitcoin 2024, as well as the easing of [sales] pressure On the part of Mt.Gox and the Grayscale ETF, they indicate that a strong rally will lead bitcoin to a new high," explained the BRN analyst.
According to CryptoQuant, the seven-day moving average of coin inflows into miner-affiliated wallets has increased dramatically. Over the past week, more than 1,900 BTC (~$132.5 million) have been sent to these addresses.
7 DMA of the inflow of coins into the wallets of miners. Data: CryptoQuant.Ben El-Baza, managing director of HashKey Global, considers the decision of US presidential candidate Donald Trump to become the main supporter of the cryptocurrency to be the main catalyst for the growth of bitcoin.
"Trump believes that bitcoin has the potential to surpass gold in market value in the future, although this will require numerous historical opportunities and a long period of time," the expert stressed.
Referring to the politician's recent speech at a conference in Nashville, El-Baz added that the former president plans to increase energy supplies and develop the domestic shale oil market in order to reduce dependence on international energy carriers, "thereby ensuring the leadership of the United States in the field of artificial intelligence and bitcoin."
If this scenario is implemented and the first cryptocurrency is included in the American strategic reserve, the coin will soar to $ 1 million, the managing director of HashKey suggested.
Formerly MARA (formerly known as Marathon Digital) brought its bitcoin reserves to 20,000 BTC (~$1.3 billion). The mining company additionally spent $100 million for these purposes.
Recall that Bernstein noted the positive impact of the "Trump factor" on digital gold mining companies.
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