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👉 Miners are getting rid of Bitcoin: we are waiting for continued growth
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🚀 For the last eight years, the main cryptocurrency has always risen in price within 10 days after the Lunar New Year, so we are preparing for a rally of about 10-12%. Large miners prefer to get rid of stocks momentarily, fearing a repeat of the steep dive in 2022.
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After the price of BTC fell below $30,000 during the COVID pandemic, miners faced a significant decline in mining profitability, with the negative being exacerbated by the need for equipment upgrades and the credit crisis in the industry. Because of this, the vast majority of players had to abandon the idea of hodling (corresponding to the investment strategy «buy and hold») and move to reduce inventory.
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To keep the business going, some miners were selling equipment, others were looking for new loans, and some simply went bankrupt. For example, industry leader Core Scientific (OTC: CORZQ) brought its total debt to $1.8 billion last year and was forced to file for bankruptcy.
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Over the past two years, global coin reserves have decreased to 1.84 million BTC: miners are actively transferring coins to crypto exchanges for subsequent sale. Therefore, the current growth of Bitcoin by almost 40% was perceived by many as nothing more than a market jackpot.
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The continuation of the bullish trend is supported by several exchange technical indicators, for example, the indicator of the percentage offer of profit over the past two weeks has increased by 12% (from 55% to 67%). In past bearish cycles, this reaction of the indicator has always preceded a strong rise in the market.
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So get ready to buy, but do not forget to control the risk.
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Profits to y’all!