Bitcoin miners are facing one of their toughest periods in over a year, with revenues dipping to levels not seen since April 2024. Despite the challenging environment, analysts remain optimistic as Bitcoin’s price action signals a potential breakout toward $146,000 or even higher.

Miner Revenue Falls to $34 Million—Lowest Since April 2024

According to data from CryptoQuant, daily revenues for Bitcoin miners fell to just $34 million in June 2025. This marks the lowest earnings level in over a year and highlights the growing pressure on mining profitability. Two key factors have driven this downturn:

• A 50% drop in transaction fees, reducing incentives for miners

• A 15% decline in Bitcoin’s price, squeezing earnings further

As a result, many mining operations may be forced to liquidate reserves or temporarily shut down operations to cut costs.

CryptoQuant’s chart shows that miner revenue metrics now mirror the levels seen in July 2022, a time when several smaller mining firms either paused operations or exited the industry entirely. The increased cost of electricity and operations in 2025 is making it harder for miners to remain profitable, especially with BTC struggling to break past $108,000.

Will Miner Capitulation Add Selling Pressure?

While Bitcoin’s network fundamentals remain strong, the stress on miners could lead to short-term downside pressure. If miners begin offloading Bitcoin reserves to maintain liquidity, the market may face additional volatility.

However, analysts point out that similar periods in past market cycles, including 2020, saw minor sell-offs followed by major rallies, especially once weak hands exited the market and supply was absorbed by larger buyers.

Whale Behavior Shows Mixed Signals

Data from Glassnode reveals conflicting behavior among Bitcoin holders. Smaller whale wallets holding 1–10 BTC have been actively redistributing their holdings, potentially signaling caution or profit-taking.

In contrast, wallets with 10–100 BTC are showing renewed accumulation, according to an increase in the Accumulation Trend Score, which rose from 0.25 to 0.57.

This divergence indicates market uncertainty, where some investors are securing gains while others are positioning for further upside. Until a more unified trend appears among whale wallets, Bitcoin’s short-term direction may remain unpredictable.

Bullish Setup Forming: $109K Breakout Could Signal $146K Rally

Despite the mixed signals, technical analysts see a bullish pattern emerging. Bitcoin has been consolidating between $102,000 and $108,000, forming a bull flag—a pattern often associated with strong breakouts.

Analyst Cas Abbè compared current price action with the 2020 market cycle, where Bitcoin rallied more than 3x within three months following a similar setup. He highlighted several key similarities:

• MACD crossover, indicating momentum is shifting

• Range breakout formation, showing market readiness

• Minor correction, which typically precedes explosive moves

Abbè believes this could lead to a surge toward $150,000–$180,000 before a blow-off top later in the cycle. He cautioned against believing in a “supercycle,” reaffirming that Bitcoin is still in a normal 4-year cycle, complete with pullbacks after new highs.

Market Momentum Builds Ahead of October 2025

If Bitcoin manages to break above $109,000, technical indicators suggest a 50%–80% price increase by October. This would align with historical patterns and Abbè’s side-by-side chart comparison between 2020 and 2025, both of which show strikingly similar setups.

The MACD (Moving Average Convergence Divergence) indicator remains key. Sustained momentum from this point could mark the beginning of a new phase in the current bull cycle.

Conclusion: Short-Term Pain, Long-Term Potential

Bitcoin miner profits may be under pressure now, but the broader market narrative remains optimistic. Whale accumulation, strong technical formations, and historical comparisons all suggest that Bitcoin could soon see a major breakout.

As miners grapple with rising costs and revenue declines, the question becomes whether the market’s bullish structure can absorb the short-term selling pressure. If Bitcoin clears the $109,000 resistance, the path to $146,000 or more could unfold rapidly—making the next few weeks critical for traders and long-term holders alike.