CryptoQuant: Bitcoin will resume its rally in the third quarter of 2024

Experts from the investment company CryptoQuant have announced that the rally of the flagship crypto asset BTC $95,907.28 Bitcoin -0.21% Market capitalization $1.9 trillion VOL. 24 hours $2.26 billion will resume in the third quarter of 2024. According to analysts, the growth of the first cryptocurrency will be driven by a decrease in sales by miners. They note that recently, miners have been selling their stocks less frequently to cover expenses using over-the-counter transactions.

«The market can be seen as being in the process of „digestion“. The number of bitcoins miners send from their wallets has been declining rapidly lately,» analysts said.

When the market fully absorbs the volume of BTC sales from miners, the prerequisites for further growth in the value of the asset will be created. As of the end of June, the volume of reserves of digital gold miners decreased to 1.81 million BTC, which is lower than the level of 2021.

Additionally, IntoTheBlock reported that user activity on the bitcoin network has fallen to a record low since 2010. This is due to the decline in retail trade in the first cryptocurrency on the market.