👉👉👉 Bitcoin miners could dump $5B in $BTC after #halving : 10x Research
According to market analyst Markus Thielen from 10x Research, Bitcoin miners could potentially sell up to $5 billion worth of BTC in the months following the halving event, which is expected to occur around April 20. Thielen suggests that this selling pressure could persist for four to six months, mirroring patterns observed in previous halving cycles.
Thielen points out that Bitcoin prices tend to experience sideways movement in the aftermath of halving events, as witnessed in 2020 when prices remained range-bound between $9,000 and $11,500 for five months post-halving. He anticipates a similar scenario this year, with Bitcoin potentially facing a "summer lull" amid significant miner selling.
Historically, miners tend to accumulate BTC leading up to the halving, creating a supply-demand imbalance that often results in a price rally. This trend has already been observed in 2024, with Bitcoin surging 74% to reach an all-time high of $73,734 in March before undergoing a correction to below $63,000 in mid-April.
Thielen also highlights the potential impact on #altcoins , suggesting that they could bear the brunt of the situation. Despite some predicting an altcoin rally correlated with the halving, Thielen emphasizes that historical evidence indicates that such rallies typically begin approximately six months later.
In summary, Thielen's analysis suggests that Bitcoin may experience sideways movement in the coming months due to miner selling pressure following the halving event. Additionally, altcoins may face challenges in the near term, with any potential rally likely to occur after a significant time lag following the halving.
Source - cointelegraph.com
