When the financial industry was left astounded by the downward spiral of Bitcoin in 2018, questions as to the cause largely went unanswered even though some analysts had one or two things to say about it. Nevertheless, there is no need to search further as recent data has revealed who to hold responsible for the markets continued degradation, and that is Bitcoin Miners.

Token Analyst uploaded a new study that showed the role miners played in the fall of Bitcoin. The analysis, which was shared on social platforms on October 11, stated that the moment miners began to sell coins directly, things began to go wrong for Bitcoin.

It is not a coincidence that the moment BTC/USD crashed to$3,100 was the same time miners were orchestrating a massive sell-off. June andAugust recorded a massive transfer of coins to exchanges, which depreciatedeven further what was left of the Bitcoin price.

Token Analyst stated: We see miners taking advantage ofvolatility by sitting on their mined stash and then selling around large priceswings.

Already there are assumptions that point to miners as havinga hand at the collapsed Bitcoin price of 2018, and now, the data released by TokenAnalyst has confirmed them.

The unusual event is not also lost to the popular industrycommentators who have been following the issue for a long time now. One ofthem, PlanB, has shown via his stock-to-flow Bitcoin price model that theinfluence of miners over Bitcoin price should not be taken lightly.

Another group of commentators, which include Cole Garner,Filb Filb, and others, believe that miners encourage minimum BTC prices.

Garner, who is in support of the concept, has backed up hisbelief by repeating what Satoshi Nakamoto, the creator of Bitcoin, said back in2010, which is that production cost plays a vital role in the price of acommodity. He further added that:

If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more.

Therefore, these statements may be geared towards preparingthe minds of the crypto community members for a new Bitcoin price floorprojected to be around $6,400, because it is improbable that miners will sellbelow the price.

The next block size halving expected to happen in May 2020will determine a lot of things for Bitcoin enthusiasts, just like it did in2016. With block reward dropping to 6.25 BTC per block, everyone should buckleup for new price highs.

Link:

How Bitcoin Miners Fueled the Bear Market Trend of 2018 - BTCNN