The Bitcoin (BTC) price is currently holding just above $66,000 after dropping to $65,000 last week due to significant selloffs by Bitcoin whales and miners. These selloffs amounted to over $4 billion, yet analysts remain optimistic about Bitcoin’s future.
📉 Whales & Miners Selloff
On-chain data from Santiment shows Bitcoin whales sold over 50,000 BTC (approx. $3.30 billion) in the ten days before the recent correction. Miners also contributed by selling over 1,200 BTC ($79.20 million). Despite this, analysts believe the bull market is still intact.
📊 Analyst Optimism
CryptoQuant CEO Ki Young Ju noted, “Bitcoin traders’ average entry price is $47K. Even with a 27% drop, it can still be considered a bull market.” He remains long-term bullish, suggesting the recent 9% pullback from $71,500 isn’t significant enough to end the bull market.
⛏️ Mining Cost Insights
Crypto analyst Ali Martinez highlighted that Bitcoin’s average mining cost is $86,668, stating, “Historically, BTC always surges above its average mining cost!” The recent Halving event reduced block rewards, increasing mining costs but potentially driving prices up due to reduced supply.
🚀 Future Prospects
Martinez believes Bitcoin will soon surpass its average mining cost, prompting miners to hold rather than sell, reducing selling pressure and driving prices higher. Despite short-term profit-taking, analysts expect an unprecedented surge once prices exceed mining costs.
📉 Current Market Stats
At press time, BTC price is down by 0.39% to $66,004.88 with a market cap of $1.30 trillion. The 24-hour trading volume surged 39.29% to $16.95 billion. Long liquidations exceeded shorts, creating downside pressure, with $5.89 million in long liquidations and $3.93 million in shorts.
Overall, while recent selloffs indicate short-term adjustments, the sentiment among analysts remains positive for Bitcoin's long-term trajectory.
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