In a recent publication, the cryptocurrency analytics firm CryptoQuant has provided an optimistic outlook for Bitcoin’s performance in the upcoming third quarter of 2024. The firm’s analysis suggests that the previous concerns regarding the selling pressure from Bitcoin miners have now been alleviated, potentially setting the stage for a significant market upswing.
The analysis points out that the crypto money market’s downturn was partly due to the intense selling activity by Bitcoin miners. This selling pressure had previously overwhelmed the market’s capacity to absorb the influx of Bitcoin being sold. However, CryptoQuant has observed a notable reduction in this trend, attributing it to two primary factors:
**Reduced Miner Sales**: There has been a marked decline in the quantity of Bitcoin being transferred to exchanges by miners since May, signaling a reduction in the selling pressure they exert.
**Exhausted OTC Desk Volume**: The Over-the-Counter (OTC) Desk volumes, which miners had been using to sell their Bitcoin, had accumulated due to a lack of buyers. On June 29, this backlog was cleared, suggesting that a significant buyer has entered the market to acquire Bitcoin.
In light of these developments, CryptoQuant posits that the conditions are now ripe for Bitcoin to resume its bullish trend in the third quarter of 2024.
Please note, this summary is not intended as investment advice.
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