Cryptocurrency analysis company CryptoQuant evaluated the possibility of a Bitcoin rally in the third quarter of 2024 in a recent analysis. The company claims that concerns about selling pressure from Bitcoin miners have been resolved, paving the way for a potential market rally.
According to analysts, one of the important factors that caused the ripto money market to decline recently is the selling pressure of Bitcoin miners. Until recently, the market had not been able to fully absorb the sales volume from miners. However, CryptoQuant notes that this selling pressure has largely diminished for two main reasons:
Declining Sales Volume: The amount of Bitcoin sent by miners to exchanges for sale has decreased significantly since May. This decrease indicates a decrease in selling pressure exerted by miners.
OTC Desk Volume Has Depleted: The volume of Over-the-Counter (OTC) Desk used by miners for sales purposes has been piling up as they were unable to find buyers until recently. However, the entire OTC Desk volume was consumed on June 29, indicating that a buyer may have stepped in to purchase Bitcoin.
With the significant decrease in selling pressure from miners and the rapid digestion of selling volume, CryptoQuant believes that sufficient conditions have formed to resume the upward rally again in the third quarter of 2024.
*This is not investment advice.
