Big things are coming!

BRN analyst: Miners appear to be hoarding Bitcoin, which may indicate a strong rise

On July 29, Valentin Fournier, chief analyst at digital asset research firm BRN, said that in addition to accumulating mining rewards, mining companies appear to be buying Bitcoin directly from the market to increase their reserves. "They triggered the Hash Ribbon signal, a long-term bullish indicator that shows the end of miner capitulation and the increase in processing power used to mine Bitcoin."

Fournier said that the recent behavior of miners shows that they are confident in the long-term value of Bitcoin. Given this accumulation behavior, Fournier added that traders will tend to continue to invest in this top cryptocurrency, citing a series of strong catalysts.

"The lower PCE data released on Friday, Trump's speech at the 2024 Bitcoin Conference, and the reduction of selling pressure from Mt. Gox and Grayscale ETFs all indicate that Bitcoin will usher in a strong rise to new highs," BRN analysts added. (The Block) $BTC