Over the past week, Bitcoin (BTC) has experienced an impressive rise in price, which has not only excited investors but also prompted bitcoin miners to sell a significant portion of their stock. Despite the outflow of billions of dollars of BTC, analysts remain optimistic about the future of the crypto currency.

Bitcoin miners strategically sell during price hike

Data from CryptoQuant shows that a significant amount of bitcoin flowed out of miners' wallets during the recent price surge. On Nov. 13, the bitcoin price reached $93,000, and that was accompanied by an outflow of 27,547 BTC, with an estimated value of $2.34 billion.

According to analysts, this strategy is not uncommon. Miners often take advantage of price increases to sell their stocks to build up financial reserves. This is especially important ahead of bitcoin's next halving, an event that halves mining rewards and often leads to higher operating costs.

Analysts remain positive on BTC despite outflows

Although the large sales of miners are remarkable, analysts remain positive about bitcoin's future. The current high hashrate and increasing mining difficulty indicate strong and growing confidence in the network, according to experts. These are signs of active engagement by both miners and investors, which together can contribute to further price increases.

In addition, analysts stress that the recent outflow of BTC does not necessarily mean that all coins were sold immediately. Some of these transactions may be internal movements between wallets intended to ensure the safety of funds. Also, miners may have moved their BTC to other exchanges to take advantage of better trading conditions.

The road to $100,000?

The optimistic mood surrounding bitcoin continues despite recent selling pressure. Analyst Ryan Lee indicated in an interview with Cointelegraph that bitcoin could breach the $100,000 mark by the end of November. With a rise of just 14.7%, he said this historic milestone could already be reached, provided the price continues to develop as it has in similar market situations in the past.

For now, it remains to be seen how the market reacts to the actions of miners and whether the current upward trend can continue. One thing is certain: the crypto world is watching the coming weeks anxiously.