RATE Group | Bitcoin Miners Will ‘Defend’ Price Above $6,500 Ahead of Halving: Analyst
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Bitcoin Miners Will ‘Defend’ Price Above $6,500 Ahead of Halving: Analyst

18 Jul Bitcoin Miners Will ‘Defend’ Price Above $6,500 Ahead of Halving: Analyst

Posted at 09:38h in Bitcoin News by

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Bitcoin (BTC) miners want to coordinate the market in order to maximize revenue as the 2020 block reward halving nears.

Are miner’s controlling the market?

That was the conclusion of a new Bitcoin price analysis by popular trader Filb Filb as BTC/USD neared $9,000 on July 17. 

The largest cryptocurrency saw considerable downward pressure this week following a volatile period, while analysts remain at odds as to which factors are driving the market.

Filb Filb, however, does not imagine Bitcoin will see new lows this year, as miners wish to optimize their profitability as far as possible. They, he said, are firmly in control.

“As Satoshi said himself rightly pointed out that commodity costs are likely to gravitate to production cost. Why? Because miners will sell into demand where revenue per unit > cost per unit. Likewise, collectively they are disincentivized to sell when revenue < cost,” he summarized in the analysis.

Silver lining in mining 

According to Filb Filb, midterm…

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