While Bitcoin could have been more volatile over the recent weeks, the king of cryptocurrencies stoped in the range between 10K and 11K dollars per coin. Do BTC miners know in which way the coin is going in the near future?
Under such circumstances, while moving in such a wide range, with many resistance levels at the top, one cannot be sure that a new major rally is coming. Those levels may even signal that the mid-term bull market that's currently underway may well have peaked and is not going to set new highs any time soon.
So, does Bitcoin have the ground for another major rally in the near future? Yes, sure. Many BTC advocates refer to the signals of key indicators. In particular, some of them say that we are now dealing with the situation similar to the one that set the price higher by an astonishing 1500% in 2017.
Miners... do they know more than us?
The CEO of CryptoQuant tweeted that BTC may find itself at the beginning of a new bull run. He must have figured this out by analyzing some mining data.
On September 24th, he shared the chart below. He refers to miners, who think that another bull run is round the corner. The same signal from miner was seen in early 2017, right before a strong rally to all-time highs. With that being said, if the miners are correct we may see BTC start booming again. And this time, the price of Bitcoin may break the current record set at slightly over 20.000 dollars per coin, NordFX experts say.
Bitcoin Chart
