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Bitcoin miners posted their lowest month of revenue since September 2023 in August as the leading cryptocurrency fell below $58,000 and one analyst expects Bitcoin to “take off” in October.
Miners collectively generated $827.56 million in revenue in August. That’s down 10.5% from $927.35 million the previous month, according to Bitbo Data.
Bitcoin miners’ monthly revenue has fallen by 57% since BTC hit its all-time high in March
August revenue is also down 57% from this year’s peak of $1.93 billion, which was set in March when BTC hit an all-time high of more than $73,500.
Since September, the price of Bitcoin has more than doubled. Despite this surge in the price of the leading cryptocurrency, miners are still feeling the effects of the halving event in April 2024.
Another factor putting pressure on miners is the low number of transactions on Bitcoin Bitcoin network and rising mining difficulty. Mining difficulty reached a new record high in August, reaching 89.47 trillion. This was up from 86.87 trillion in July.
Bitcoin price drops below $58K as analysts predict breakout in October
Over the past 24 hours, the price of Bitcoin has increased. price The cryptocurrency fell below $58,000 to trade at $57,511.24 as of 1:25 a.m. ET. After a 24-hour decline, Bitcoin It is down more than 10% on the weekly time frame.
Amidst the latest Bitcoin price correction, popular cryptocurrency analyst and trader Rekt Capital is predicting a rally in October. In a post on August 31, the pseudonymous trader pointed to historical trends that show Bitcoin tends to “bulge” 150-160 days after a halving event.
History suggests that Bitcoin tends to breakout 150-160 days after the halving.
This means that Bitcoin will break out of the re-accumulation range in late September 2024.
However, the historical average monthly return for September was -4.48%, the highest ever… pic.twitter.com/EnEsc8M8O8
— Rekt Capital (@rektcapital) August 31, 2024
If history repeats, Bitcoin could break out of what Rect Capital calls its current “re-accumulation range” by the end of this month. However, he added that September has generally been a negative month for Bitcoin in the past. As such, he believes Bitcoin could consolidate “after September to achieve an October breakout.”
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