{"id":35056,"date":"2024-07-29T15:01:51","date_gmt":"2024-07-29T15:01:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-touches-70k-as-analyst-warns-of-calm-before-storm-for-miners\/"},"modified":"2024-07-29T15:01:51","modified_gmt":"2024-07-29T15:01:51","slug":"bitcoin-touches-70k-as-analyst-warns-of-calm-before-storm-for-miners","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-touches-70k-as-analyst-warns-of-calm-before-storm-for-miners\/","title":{"rendered":"Bitcoin touches $70k as analyst warns of \u2018calm before storm\u2019 for miners"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"\" type=\"image\/webp\"\/><source srcset=\"\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"\" type=\"image\/jpeg\"\/><img loading=\"lazy\" src=\"\" alt=\"\" width=\"100%\" height=\"100%\"\/>\n<\/picture>                    <\/div>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">Bitcoin price<\/a> touched the $70,000 price level for the first time since June 12, reaching highs of $70,016 on Bitstamp.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The rebound to above the $70k level has bulls eyeing a new upward push that could take Bitcoin beyond its all-time high above $73k reached in March.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">What are analysts saying about Bitcoin price?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">While BTC targets strengthening above the psychological level, a crypto analyst at CryptoQuant warns that miners are likely to see further outflows and contribute to new sell-off pressure for BTC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to XBTManager, miners have moved BTC from their wallets at recent price levels. The previous support level for the miner capitulation was around $53k.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Miners continue their calm before the storm<\/p>\n<p>\u201cAfter a support level of $53,000, miner outflow continues to rise. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> has been observed leaving miner wallets at the current price level, which could create potential selling pressure.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/XBTManager?ref_src=twsrc%5Etfw\">@XBTManager<\/a> <\/p>\n<p>Full post \ud83d\udc47\u2026 <a href=\"https:\/\/t.co\/cZu2eLSUYp\">pic.twitter.com\/cZu2eLSUYp<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1817918322404372851?ref_src=twsrc%5Etfw\">July 29, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">However, Plan B, the creator of the stock-to-flow (S2F) model, shared his prediction earlier in the day suggesting miner revenue bottomed.\u00a0<\/span><span style=\"font-weight: 400\">Per the analyst, it is possible Bitcoin price could surge to double current value in three to five months.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Miner revenue bottomed after April 2024 halving.<br \/>I expect bitcoin price to double from today in 3-5 months. <a href=\"https:\/\/t.co\/JoiQ4jeE4I\">pic.twitter.com\/JoiQ4jeE4I<\/a><\/p>\n<p>\u2014 PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1817892693869011411?ref_src=twsrc%5Etfw\">July 29, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">The Bitcoin 2024 momentum seems to be providing the upward momentum for BTC seen over the past three days. However, after piercing $70k, the top coin\u2019s price is sharply back lower to currently trade near $69,500.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-touches-70k-as-analyst-warns-of-calm-before-storm-for-miners\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin price touched the $70,000 price level for the first time since June 12, reaching highs of $70,016 on Bitstamp. The rebound to above the $70k level has bulls eyeing a new upward push that could take Bitcoin beyond its all-time [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35056"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=35056"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35056\/revisions"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=35056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=35056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=35056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}