On the latest edition of Anthony Pompigliano’s “The Best Business Show,” guest expert Nick Carter, a well-known bitcoin maximizer and partner at Castle Island Ventures, explained why miner’s sales of mined bitcoins should be taken as a bullish signal.
According to Carter, the moment miners start selling off their assets, cryptocurrency market participants should expect another market decline similar to what they may have seen in 2018-2019, when the price of bitcoin dropped to $3,000.
The expert believes that this fall was caused by the liquidation of miners, who could not afford to maintain unprofitable positions on their balance sheets and, as a consequence, were forced to sell their coins to wealthy buyers.
Nick Carter added, citing the Bitcoin Treasuries portal, that miners currently own between 40,000 and 50,000 bitcoins and the need to sell their coins has not yet been exhausted. It’s when miners start selling out that the real bottom of the market can be caught, Carter believes.
Given the fact that the $20,000 level was not broken, it is possible that miners have completed selling, the bottom has been reached and now the rebound will begin.