Bitcoin Miners and Whales Will Sell Billions of BTC After Halving: Report
Bitcoin miners are flocking to mine BTC ahead of the most anticipated Bitcoin halving this month as a mining reward. Whales also continue to buy BTC and have not sold their Bitcoin holdings yet. However, a crypto research firm led by top analyst Markus Thielen predicts that Bitcoin miners could sell billions of dollars worth of Bitcoin after the halving.
Although experts suggest a $100,000 price target for Bitcoin by the end of the year, selling by miners and whales could overshadow the bearish trend in the crypto market.
Bitcoin Miners Could Sell $5 Trillion of Bitcoin
A serious warning for the crypto community: Markus Thielen10x Research CEO says Bitcoin miners will likely sell $5 billion worth of BTC. This move will take place after the Bitcoin halving as miners gradually sell off their assets due to increasing mining difficulties and financial needs.
10x Research predicts a six-month recession following the Bitcoin halving in April. This could be a major challenge for the crypto market as “Bitcoin miners prepare to sell a significant portion of their BTC stocks.”
Thielen believes that stockpiling, driven by rising market sentiment over the past few months, has disrupted market dynamics. The Bitcoin halving, expected on April 20, usually sees miners stockpiling BTC assets. It leads to a supply-demand imbalance and a subsequent rise in Bitcoin prices.
Markus Thielen had previously predicted that Bitcoin would recover by 32% towards the halving. However, the report suggests that after the halving, miners will liquidate potentially $5 billion worth of BTC.
“The delay from this sell-off could last four to six months, which explains why Bitcoin could move sideways for the next few months – as it has after past halvings,” he added.
CryptoQuant data shows that miner reserves dropped significantly in the bear market and spot Bitcoin ETFs increased demand for Bitcoin, creating a supply shortage.
Source: CryptoQuant
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Whales Dropped Their Sales After Bitcoin Halving
CEO of CryptoQuant Ki Young Ju A post published today on X revealed that BTC whales have not yet sold their Bitcoin holdings. However, whales tend to switch from Bitcoin to altcoins as prices drop after the halving or continue trading BTC after the halving.
Although experts predict a price target of $100,000 for Bitcoin this year, some factors may trigger short-term selling. Bitcoin will see a paradigm shift in prices and volumes after the halving due to demand from spot Bitcoin ETFs.
Meanwhile, Ali Martínez It revealed that approximately $23 million worth of Bitcoin positions were at risk of liquidation if Bitcoin jumped to $71,700.
BTC price is currently trading at $70,776, up just 0.50% in the last 24 hours. The 24-hour lows and highs are the 24-hour high of $69,571 and $71,256. However, there has been a decline of over 22% in trading volumes in the last 24 hours, indicating the apathy of investors.
Also Read: Bitcoin Options Expiration: How Are Investors Priced in Bitcoin Halving?
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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