BTC Miner Capitulation Ends: EMC Labs Predicts Renewed Rally

IconCryptoNewsTerminal Staff29 Jul, 2024

cryptonews.jpg

BTC Miner Capitulation Ends: EMC Labs Predicts Renewed Rally

According to Odaily, Crypto Fund EMC Labs has predicted that the recent capitulation among Bitcoin (BTC) miners has ended. The prediction comes after a period of selling pressure from miners, who were facing a "breakeven point" when BTC fell to $53,000 in May. However, the selling pressure has faded in recent weeks, coinciding with a continuous 3-week period of rising prices for BTC. This has led EMC Labs to predict that the BTC rally will be renewed. Miners are an important part of the Bitcoin ecosystem as they are responsible for verifying transactions and adding new blocks to the blockchain. When the price of BTC falls, miners become less profitable and may be forced to sell their coins to cover costs. This can lead to a sell-off that further depresses the price of BTC. However, when the price of BTC rises, miners become more profitable and are less likely to sell their coins. This can lead to a positive feedback loop that pushes the price of BTC higher. The prediction from EMC Labs is a positive sign for the Bitcoin market. It suggests that the recent sell-off from miners has ended and that the market is now in a position to resume its rally.

Related News