Judging by the chart, miners have continued to sell off BTC after the price halved in 2016. However, despite growing selling pressure, prices rose in 2017, peaking at $20,000, before cooling off in 2018.
As #bitcoin and cryptocurrencies gained acceptance after the ICO boom in 2017, the scene became more fluid, with more miners participating, as seen in the increase in hash rates after hashing.
Unlike the events of 2016, the halving of the price in 2020 was a turning point. When the bitcoin price hit an all-time high, miners adopted a hold strategy and rapidly accumulated coins, as shown in #the graph. Judging by the current accumulation trend, miners can expect a similar price spike.
Is #BTC ready for a rapid rise to $BTC This change in #miner behavior could have a positive impact on prices: miners, who are expected to reconfigure and become more efficient after April 19, have expressed a vote of confidence, even in the current downturn.
Overall, the decline in daily BTC issuance post-Harbing combined with miners' hoarding and organizations' infusion of funds through spot bitcoin exchange-traded funds (ETFs) could further boost prices.
The pace of price growth has yet to be determined. Bitcoin is under bearish pressure: strong selling pressure continues after losses on April 13. A bullish breakout above the current $74,000 range could set the stage for further growth towards $ 100,000.
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