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bitcoin miners recorded their lowest revenue-generating month since September 2023 in August as the leading cryptocurrency fell below $58,000 and one analyst predicts btc will “explode” in October.
Collectively, miners earned $827.56 million in August. This marked a 10.5% drop from $927.35 million in the previous month, according to the report. Bitbo data.
bitcoin miners' monthly revenue drops 57% since btc hit its ATH in March
August’s inflows also mark a 57% drop from this year’s peak of $1.93 billion, which was set in March when btc set a new all-time high of over $73,500.
Since September, the price of btc has more than doubled. Despite this increase in the price of the leading cryptocurrency, miners are still feeling the effects of the April 2024 halving event.
Other factors that are putting pressure on miners are the drop in the number of transactions on the bitcoin The network and the increase in mining difficulty. The mining difficulty reached a new high in August and reached 89.47 trillion. This was an increase from 86.87 trillion in July.
btc drops below $58,000 as analyst predicts October breakout
Over the past 24 hours, bitcoin bitcoin/”>price fell below $58,000 to trade at $57,511.24 at 1:25 a.m. EST. Following the cryptocurrency's 24-hour pullback, bitcoin It is down more than 10% on the weekly time frame.
Amid the latest correction in bitcoin’s price, renowned cryptocurrency analyst and trader Rekt Capital predicts that the king of cryptocurrencies could surge higher in October. In an x post on August 31, the pseudonymous trader referred to historical trends that show btc tends to “break out” 150-160 days after the halving event.
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History suggests that bitcoin tends to break above the 150 to 160 day level after the Halving.
That would mean that bitcoin would break out of its reaccumulation range by the end of September 2024.
That said, the historical average monthly returns for September are -4.48%, the highest ever… image.twitter.com/EnEsc8M8O8
-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1829916428772016452?ref_src=twsrc%5Etfw”>August 31, 2024
If history were to repeat itself, btc could break out of what Rekt Capital calls its current “reaccumulation range” towards the end of this month. However, it added that September has generally been a negative month for bitcoin in the past. As such, it believes btc could consolidate “beyond September to achieve a breakout in October.”
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