Bitcoin reaches $ 70,000, analyst warns of calm of the storm for miners

The Bitcoin price touched the $ 70,000 mark for the first time since June 12th and reached a maximum of $ 70,016 on Bitstamp.

The recovery over the $ 70,000 mark gives the bulls for a new upward trend that could bring Bitcoin over his all-time high of over $ 73,000 in March.

What do analysts say at the Bitcoin price?

While BTC is striving for a strengthening above the psychological level, a cryptoanalyst at Cryptoquant warns that the miners will probably lead to further drains and that this will contribute to new sales pressure at BTC.

According to XBTMANAGER, Miner BTC has moved from their wallets at the recent price levels. The previous level of support for the surrender of the miners was around $ 53,000

miners keep the calm from the storm

"According to a level of support of $ 53,000, the outflow of mining workers continues to increase. #bitcoin observed that the miners' wallets are left at the current price level, which could create potential sales pressure. ” - From @xBTMANAGER

Complete post 👇… pic.twitter.com/czu2elsuyp

- cryptoquant.com (@Cryptoquant_com) . July 2024

Plan B, the inventor of the stock-to-flow model (S2F), had already published its prediction earlier a day, according to which the miners' revenue had reached their low point. According to the analyst, it is possible that the Bitcoin price could increase in three to five months to twice its current value.

The revenue of the miners reached their low point after halving in April 2024.
I expect the Bitcoin price to be doubled in 3–5 months from today. pic.twitter.com/joiq4jee4i

- Planb (@100 trillions USD) 29. July 2024

The dynamics of Bitcoin 2024 seems to be delivered upwards for BTC, which has been observed in the past three days. However, after the price of the top coin has broken the $ 70,000 mark, it has dropped significantly again and is currently being traded at around $ 69,500.