Connect with us
Active Currencies 14281
Market Cap $2,492,397,626,373.70
Bitcoin Share 52.05%
24h Market Cap Change $-0.42

Bitcoin’s long-term prospects look…

2min Read

A CryptoQuant analyst suggested that Bitcoin has a positive future due to various factors. However, selling pressure on miners could pose a threat to BTC’s future.

Bitcoin's long-term prospects look...

Share this article

  • Analysts suggested that long term prospects for Bitcoin looked positive.
  • Miner revenue continued to decline despite high hashrates.

Bitcoin’s [BTC] volatility over the last few months has turned many in the crypto community skeptical towards the king coin. However, upon looking at BTC’s progress from a long-term perspective, many analysts see a positive future.


Is your portfolio green? Check out the Bitcoin Profit Calculator


Half glass full

According to Maartun, a CryptoQuant analyst, the declining exchange reserves for Bitcoin are a positive indicator. As more people and institutions acquire and hold the king coin, the available supply on exchanges decreases, thus increasing its scarcity.

When holders withdraw their coins from exchanges and store them in personal wallets, it shows confidence in Bitcoin’s future and reduces selling pressure.

Source: CryptoQuant

Additionally, the percentage of Bitcoin held by long-term holders was similar to previous cycles. The similarity in the percentage of Bitcoin held by long-term holders in previous cycles suggested stability for the coin.

Thus, a significant portion of investors were adopting a long-term perspective and holding onto their assets. These long-term holders were also less likely to engage in short-term trading or panic selling, contributing to the overall stability of the cryptocurrency’s price.

Source: CryptoQuant

Miners hold Bitcoin hostage?

Bitcoin’s hashrate was at an all-time high at press time. A high hashrate indicates robust network security and computational power dedicated to mining and validating transactions.

However, it is worth noting that a negative implication of a high hashrate is the increased energy consumption associated with mining.

Source: Blockchain.com

The declining miner revenues could increase sell pressure on the miners, which could end up impacting the overall price of BTC.


Read Bitcoin’s [BTC] Price Prediction 2023-2024


At press time, BTC was trading at $25,742.87, according to CoinMarketCap’s data. Traders were increasingly optimistic about Bitcoin’s future, as indicated by BTC’s put to call ratio, which was at 0.46.

A ratio below 1 suggests a higher demand for call options, which are often used by traders to speculate on the upward movement of an asset.

Source: TheBlock

Share

Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.