Bitcoin (BTC) Miner Revenue Skyrocketed In September, Bullish Signs for Q4 2021
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.
The legend @100trillionUSD has been nailing #Bitcoin price predictions like a sniper.
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.
- Bitget US Stock Futures Trading Volume Surpasses $200 Million
- Binance Founder CZ Predicts Bitcoin Will Flip Gold’s $30 Trillion Market
- Trump Tariffs: U.S. President Threatens 155% Tariff on China, Bitcoin Falls
- Hassett Says Government Shutdown Could End This Week as Crypto Markets Brace for Inflation Data
- ‘Floki Is The CEO’: FLOKI Surges Over 20% After Elon Musk’s Name Drop
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
