BTC Miners Tip To Determine What Next For Bitcoin Following Underwhelming Price
It is no longer news that the last 48 hours wasn’t the best for Bitcoin and its investors due to the unexpected crash witnessed by the digital asset. BTC has been on a bullish run since last year’s festive period, setting a new all-time high almost every day.
Unfortunately, the run was brought to a halt this week and has since failed to regain its financial prowess. On Monday, the BTC price fell to $30,500 for the first time in recent weeks. Though the most valuable cryptocurrency improved a bit as it moves up to $33,800 on Tuesda– to the relief of many investors and traders, it still far from returning to its best.
Bitcoin shows its trading weakness
With recent market value, it’s obvious the digital asset is showing its weak trading side as it is struggling to reach $36k support. Meanwhile, other bulls are also facing the same fate after the crypto market experienced a reduction in the value of Ethereum, Litecoin, Ripple, and others. Bitcoin traders and investors might be forced to leave the market until the bulls return to their best financial state.
To achieve this, experts are counting on BTC miners to play a huge role. According to an on-chain analyst, the second wave of BTC price will largely be determined by the performance of the miners in the coming days. Though it remains unknown how long recent unimpressive trading record will last, the expert is expecting miners to play a key role. He further stressed that the industry might experience a large-scale sale of BTC by investors because miners hasn’t stopped mining new Altcoins and providing them into the market.
What experts are saying about Bitcoin’s crash
He believes the rate of Altcoins produced by miners will determine the performance and users’ purchasing behavior. The on-chain enthusiast also disclosed that all mining companies are going on with their usual day-to-day business activities since the start of the recent slump in the price of most bulls. According to him, there is no observable stablecoin inflows nor Coinbase outflows as there could be second dumping. In the same vein, well-known crypto investor Mark Cuban describes the crash as a shocking but not new scenario to anyone who has been in the industry for a while. In his reaction to the Bitcoin crash, he likened it to the internet stock bubble that occurred in 2002.
It should be recalled that the influential crypto investor had earlier charged new and upcoming crypto investors to learn from the recent crash in price, saying that digital currencies are unpredictable due to their high volatility rate. He likened the crypto world to a gambling industry where it is advisable to invest the amount of money you can afford to do lose.
Another cryptocurrency analyst Ledbetter told CNBC that every Bitcoin investor and trader must be mentally and financially ready to experience a crash at any time because the digital asset doesn’t have a fixed price. Though we expect Bitcoin and other bulls to improve in today’s trading market, Bitcoin price presently remains at $33,291, Litecoin is valued at $140.54, Ethereum is $1,038, XRP stays at $0.29, while BCH worth $480.27 at the time of this report.