2024

Bitcoin

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-halving-predicted-to-prompt-substantial-miner-sales" rel="noopener noreferrer nofollow">Bitcoin Halving Predicted to Prompt Substantial Miner Sales</a><br></p>
<p style="text-align: justify">According to Markus Thielen, the head of research at 10x Research, a significant <a href="https://en.bitcoinhaber.net/bitcoin-whales-stir-market-speculation-amidst-rally-and-profit-taking" rel="noopener noreferrer nofollow">Bitcoin</a> selloff from miners may be on the horizon following the upcoming halving event. Thielen’s analysis, dated April 13, anticipates that miners could offload approximately $5 billion in Bitcoin post-halving, a pattern seen in past cycles.</p>
<h2 id="market-analyst-foresees-post-halving-stagnation">Market Analyst Foresees Post-Halving Stagnation</h2>
<p style="text-align: justify">Thielen forecasts a potential market challenge during a six-month period of low activity in the summer. He predicts this could trigger a four to six-month selloff by miners, similar to past events, which could lead to a sideways trend in Bitcoin prices. Historical data from the 2020 halving supports his projection, with Bitcoin prices having plateaued between $9,000 and $11,500 for five months after the event.</p>
<p style="text-align: justify">After the 2024 price surge to an all-time high of $73,734 in March, a subsequent price drop to below $63,000 in mid-April was observed. Thielen points out that miners’ tendency to hoard Bitcoin leads to a supply shortage which can drive up prices. However, he also indicates that altcoins might suffer more during this period, as they have already heavily retreated from their 2021 highs and a potential rally might only start six months after the halving.</p>
<h2 id="implications-for-bitcoin-miners-and-market-supply">Implications for Bitcoin Miners and Market Supply</h2>
<p style="text-align: justify">The report suggests that Marathon, the largest Bitcoin miner, might accumulate an inventory to sell gradually post-halving, to avoid a steep drop in revenue. With Marathon producing 28-30 Bitcoins daily, this strategy could add up to 133 days of extra supply to the market. Following the halving, daily production would halve again, influencing the market volume.</p>
<h2 id="considered-points">Considered Points</h2>
<ul>
 <li>Miners are expected to sell $5 billion in Bitcoin post-halving.</li>
 <li>A potential selloff could result in a horizontal price movement for 4-6 months.</li>
 <li>Miner accumulation strategies may lead to a temporary supply shortage, boosting prices.</li>
 <li>Altcoins could be disproportionately affected, with rallies potentially delayed.</li>
</ul>
<p style="text-align: justify">The overall conclusion points to a possible daily sale of $104 million in Bitcoin by miners, countering the supply/demand imbalance that had previously contributed to price increases. Marathon CEO Peter Thiel has remarked on the company’s profitability post-halving, with a break-even point at around $46,000 per Bitcoin, and he does not foresee significant price changes in the six months after the event.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-halving-predicted-to-prompt-substantial-miner-sales" rel="noopener noreferrer nofollow">Bitcoin Halving Predicted to Prompt Substantial Miner Sales</a></h5>

Bitcoin Halving Predicted to Prompt Substantial Miner Sales

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