Bitcoin (BTC) has stayed below the $70,000 mark for several months, falling short of expectations even during the typically strong “Uptober” period. However, a recent push upward suggests that BTC could soon break new ground, thanks to the strategic actions of Bitcoin miners. According to a CryptoQuant analyst, miners’ current accumulation of BTC after the recent halving could be a signal for a major rally by the end of this year or into the next.
Why Bitcoin Miners Could Be Fueling a Surge
Miners play a critical role in the Bitcoin network, verifying transactions and minting new coins by solving complex algorithms. Setting up a mining node requires substantial hardware and operational expenses, which often lead miners to sell some of their BTC to cover costs—especially before the halving, which reduces their block rewards.
The recent April 20 halving event slashed block rewards from 6.25 BTC to 3.125 BTC, tightening BTC’s supply. However, instead of selling during this time of stagnant prices, many miners—including major players like Marathon Digital—are stockpiling BTC. This behavior is reflected in CryptoQuant’s Miners’ Position Index (MPI), which indicates that miners are holding rather than selling, suggesting confidence in BTC’s potential for a price jump.
What These Indicators Mean for BTC’s Next Moves
The CryptoQuant analyst highlights a key historical trend: when MPI rises after a low, Bitcoin’s price often follows with a strong upward move. This accumulation phase could signal a positive shift in BTC’s price trajectory. Additionally, an increase in block rewards, due to a rise in on-chain transactions, adds to the bullish outlook. Typically, increased transaction activity correlates with demand and potential price increases for BTC.
BTC Edges Past $68,000
While an exact timeline for a new all-time high remains unclear, BTC has recently shown upward movement, trading at around $68,800—a 1.58% increase in the last 24 hours. As miners continue to accumulate, the crypto community will be closely monitoring these indicators, which suggest that a significant BTC rally could be on the horizon.
