Miner Revenues Plummet, Yet This Indicator Has Historically Signaled Bitcoin Price Bottoms

The revenue generated by Bitcoin (BTC) miners has fallen to levels not seen since early 2019 for the second time in 2020. Historically, every significant decline to such multi-year lows has signaled the beginning of a bullish trend for Bitcoin.

On March 13, 2020, Bitcoin miners’ daily revenue settled around $7 million, coinciding with a dramatic price drop for BTC, which fell to approximately $3,600 amid a liquidation of over a billion dollars in long positions.

The trend of miner revenue decreases often aligns with market bottoms for Bitcoin, suggesting potential opportunities for future price recovery.