Miners Expect Bitcoin to Hold Above $48,000, CryptoQuant Report Says, Here’s Why
Recent reports by crypto data vendors CryptoQuant and Glassnode show that while Bitcoin’s hash rate is recovering to a good degree, Bitcoin miners continue to accumulate BTC mining gear.
A verified CryptoQuant analyst reckons that they expect Bitcoin to surpass the $48,000 level and hold their, therefore, they have been buying equipment since June, despite the crypto mining ban in China and several other countries.
In the meantime, Bitcoin hash rate has been recovering.
Miners expect Bitcoin to surge above $48,000
According to CryptoQuant, Chinese crypto miners have resumed work having moved outside of China to countries like Canada and Kazakhstan. They have been pushing Bitcoin hash rate upward after the massive decline it faced in May when Chinese government began witch-hunting miners and cutting them off spare energy in the country’s power hubs.
As per the data provided by BitInfocharts, recently, the hash rate of the major cryptocurrency has recovered to the 132.3511E level (as of 29 August) as miners are back to verifying transactions.
The CryptoQuant analyst explains that miners are considered to be “smart money speculators”, since their ability to predict the Bitcoin price impacts their profits greatly. They have been buying mining equipment since June. The analyst believes that they were eager to resume work as they expected Bitcoin to rally later on.
"BTC hashrate recovers nicely, and miners are still in net accumulation" by @venturefounderRead more in Quicktake👉https://t.co/Dp12gJ7knA pic.twitter.com/FXN89lgitJ— CryptoQuant.com (@cryptoquant_com) August 30, 2021
Aside from that, Glassnode chart has indicated that Bitcoin is currently in a large accumulation demand.Source