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#Bitcoin Miners Accumulating Like 2020: Is BTC Ready For $100,000?
A curious tendency is appearing among miners as the highly anticipated Bitcoin halving event approaches on April 19. Miners accumulate, bucking pre-halving sell-offs before the 2016 and 2020 Halvings.
Miners Buying Bitcoin
Using CryptoQuant data, one analyst on X writes that miners' total BTC balance has climbed by 12,100 BTC since 2024, to 217,000 BTC.
This is in sharp contrast to 2016 and 2020 before the network cut miner incentives. According to research, most miners were downsizing in anticipation of post-Halving income drops.
Protocol-level halving reduces miner block rewards from 6.25 BTC to 3.125 BTC. This would need miners to use more resources to get the same money as before.
In anticipation of increased competition, several small miners liquidate and leave. However, larger miners with greater resources could sell coins and acquire more efficient miners to remain competitive.
Miners sold BTC after halving in 2016, according to the graphic. Despite selling pressure, prices increased substantially in 2017, hitting at $20,000 before dropping in 2018.
The post-halving hash rate shows that Bitcoin and crypto usage increased after the 2017 ICO boom, making the ecosystem more liquid and attracting more miners.
Different from 2016, the 2020 halving was pivotal. As Bitcoin values rose to historic highs, miners held onto coins, as seen in the graphic. This accumulating tendency means miners may expect a price spike.
Is BTC Ready For $100,000 Bull Run?
This change in mining behavior may boost prices. Miners, supposed to adapt and improve after April 19, are holding a vote of confidence despite the decline.
After Halving, daily BTC emissions will decrease, miners will accumulate, and institutions will invest in spot Bitcoin ETFs, which might boost prices.
The rate of price increases is unknown. Bitcoin is bearish and under heavy selling pressure after April 13 losses. A bullish breakthrough over $74,000 might lead to advances beyond $100,000.
