Analyst: Miners’ average cash flow indicator shows that BTC may have reached a local peak

Planet Daily News In 2018, when Bitcoin fell to $3,150, analysts were convinced that it would continue to fall, and some believed that the bottom price of BTC would reach $2,000 or even lower. At that time, there were already indicators showing that BTC had bottomed out. The average cash flow indicator of miners (predicting when miners will be profitable) reached $3,000 in December 2018, and then further confirmed its importance to Bitcoin at the end of 2019, when it reached $6,400, which was exactly the bottom of Bitcoin. Cryptocurrency trader Byzantine General recently said that for a long time (until Black Thursday), the average cash flow of miners had been in a support state, but now the indicator has begun to turn into a resistance state. If historical precedent is followed, this means that BTC is likely to have peaked locally and the current rebound may be over. (Bitcoinist)