Bitcoin miners appear to have initiated a new accumulation phase, potentially positioning themselves to benefit from a range of emerging catalysts, according to Valentin Fournier, lead analyst at BRN
In an interview with, Fournier noted that mining firms are not only accumulating their mining rewards but are also purchasing Bitcoin directly from the market to bolster their reserves. “They have triggered the Hash Ribbon signal, a long-term bullish indicator highlighting the end of miner capitulation and the increase of the processing power used to mine Bitcoin,” he explained. Among the notable miners involved in large-scale Bitcoin purchases is Marathon Digital, now rebranded as MARA, which announced on Thursday that it has acquired an additional $100 million worth of Bitcoin.
Potential for New All-Time High
Fournier highlighted that the recent behavior of miners reflects a strong confidence in Bitcoin’s long-term value. He suggested that traders are likely to remain invested in Bitcoin, driven by a series of positive catalysts. “The release of cooler Personal Consumption Expenditures (PCE) data on Friday, Trump’s speech at Bitcoin 2024, and the easing of selling pressure from Mt. Gox and the Grayscale ETF all suggest a strong rally could bring Bitcoin to a new high,” Fournier said.
Data from CryptoQuant supports this view, showing a sharp increase in the seven-day moving average of mean coin inflow into affiliated miner wallets. Over 1,900 Bitcoins have flowed into miner wallets in the past week, comprising both mining rewards and coins purchased from the market.
Catalysts for Bitcoin’s Rise
Ben El-Baz, Managing Director at HashKey Global, pointed to Donald Trump’s recent advocacy for Bitcoin as a major catalyst driving the cryptocurrency’s current momentum. “Trump believes that Bitcoin has the potential to surpass gold in market value in the future, though this would require numerous historical opportunities and a long period of time,” El-Baz stated.
Referring to Trump’s speech at Bitcoin 2024 in Nashville, El-Baz added that the former U.S. president plans to enhance energy supply and develop the U.S. domestic shale oil market to reduce reliance on international energy. This strategy, he noted, would ensure U.S. leadership in artificial intelligence and Bitcoin. “Although Bitcoin’s ‘dollar reservoir’ function can alleviate some pressure, its price reaching $1 million is not impossible,” El-Baz said.
