Bitcoin (BTC) delivered a tepid outcome for the last month of September in terms of price performance. The world’s largest crypto corrected 20% during the last month. However, early signs of the Q4 bull run are visible. In the first four days of October 2021, BTC is already up by nearly ~10%.
Furthermore, the good thing is that despite the price correction, the BTC miner revenue picked up sharply during last month. On-chain data provider Glassnode reports that Bitcoin miners earned good revenue at a rate of $40M/day for the last month. It further notes:
Compared to the 2020 Halving, current USD miner revenue is: – 275% higher vs pre-halving (12.5 $BTC/blk subsidy) – 630% higher vs post-halving (6.25 $BTC/blk subsidy).
A lot of market analysts have been bullish on Bitcoin for the upcoming quarter of 2021. As per historical trends, the fourth quarter has been the most bullish for the crypto space. Some market analysts have already given the BTC price target of $100K by the year-end.
PlanB: Bitcoin (BTC) Heading to $288,000
PlanB, the author of the stock-to-flow (S2F) model is predicting that Bitcoin (BTC) is all poised to rally all the way up to $288,000. The S2F model has made quite accurate predictions in the past and so there’s every reason to believe in it.
We spoke 4 months ago and he had 288k in his sights.
Listen and find out why. https://t.co/Oefy9eIC98
— The Wolf Of All Streets (@scottmelker) October 2, 2021
In one of his recent tweets, PlanB also noted that there’s no sign of weakness as of yet. In the second leg of the bull run, PlanB predicts that the bull run will last for a minimum of the next six months.
On-chain analyses finished tonight: IMO we are midway, no sign of weakness (red) yet. Note color overlay is not months to halving but an on-chain signal. My guess: this 2nd leg of the bull market will have at least 6 more months to go. pic.twitter.com/HAEMYfQ1pT
— PlanB (@100trillionUSD) October 2, 2021
On-chain indicators show that Bitcoin fundamentals continue to remain strong. Besides, Glassnode reported that large-sized transactions have been dominating the current transaction flow. It added:
2021 has seen notable growth in large size transaction ($100k+) dominance as institutional capital and higher prices lift USD denominated value.
If we investigate the breakdown by transaction size, we can see that very large transactions dominate current transaction flow.
2021 has seen notable growth in large size transaction ($100k+) dominance as institutional capital and higher prices lift USD denominated value. pic.twitter.com/JYwIQl47KS
— glassnode (@glassnode) October 1, 2021
It will be interesting to see where bitcoin is heading further from the current levels.