Bitcoin (BTC) miners' revenues surge in September

Mon 04 Oct 2021 ▪ 13h31 ▪ 3 min de lecture - par Hugh Renolds

Bitcoin (BTC) performed rather modestly in September in terms of price dynamics. Over the past month, the world’s largest cryptocurrency has corrected 20%. However, the first signs of a bull market in the fourth quarter are already on the horizon. In the first four days of October 2021, BTC has already grown by nearly 10%.

The bullish plot thickens

In addition, despite the price correction, the earnings of BTC miners have skyrocketed over the last month. According to the research firm Glassnode, Bitcoin miners have received an eye-popping income of $40 million (~£29.5 million) per day over the past month.

According to Coingape, many market analysts are optimistic about Bitcoin for the upcoming quarter of 2021. Judging by historical trends, the fourth quarter of the year has always been the most bullish time for cryptocurrencies. Some market analysts are already predicting a BTC surge to $100K by the end of the year.

PlanB’s S2F model is worth looking at

PlanB, the author of the S2F (stock-to-flow) model, predicts that Bitcoin (BTC) could soar up to $288,000. The S2F model has been fairly accurate in the past, so there is every reason to believe it.

In one of its latest tweets, PlanB also noted that there were no signs yet that Bitcoin would weaken. The analyst predicts that the second phase of bullish growth will continue for at least the next six months.

On-chain indicators show that Bitcoin fundamentals continue to be strong. In addition, Glassnode reported that large deals dominate the current transaction flow. The source commented: “2021 has seen notable growth in large size transaction ($100k+) dominance as institutional capital and higher prices lift USD denominated value.”

It’s interesting to see where Bitcoin moves next from current levels.

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Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.