Rally

Bitcoin

April

Million

Coin

Bitcoin miners could liquidate $5 billion Bitcoin after the BTC halving event in about five days to push the crypto market into a “six- month summer lull,” says 10X Research.
Bitcoin miners have built substantial inventories of Bitcoin that they will begin offloading after the BTC halving, said head of research Markus Thielen in an Apr. 13 research note.
“That will likely be gradually sold after the halving to prevent a revenue cliff from occurring,” he said, referring in particular to Marathon, the largest <a href="https://insidebitcoins.com/news/best-bitcoin-mining-crypto-project-to-invest-in-2024-cilinix-crypto-presale-update" rel="noopener noreferrer nofollow">Bitcoin</a> miner globally.&nbsp;“Other miners will likely follow a similar strategy to liquidate part of their inventory gradually.”
The overhang from this selling could last four to six months, he said, causing Bitcoin to trade sideways.
<a href="https://insidebitcoins.com/news/best-bitcoin-mining-crypto-project-to-invest-in-2024-cilinix-crypto-presale-update" rel="noopener noreferrer nofollow">Bitcoin</a> miners tend to stock up on the leading crypto in the build up to the halving event so that they can capitalize on plentiful supply, and then capitalize on what previously has been price rallies after the halving when supply is slashed, he said.
<img decoding="async" src="https://img.money.com/2023/02/Bitcoin_Profitable.jpg" alt="Is Bitcoin Mining Profitable? | Money">
<h2 id="span-style-font-weight-400-miners-could-dump-104-million-daily-after-the-bitcoin-halving-span">Miners Could Dump $104 Million Daily After The Bitcoin Halving</h2>
Thielen said that additional supply could flood the market after the halving with Marathon possibly selling between 14-15 BTC per day.
If other miners adopt the same strategy, Thielen says up to $104 million worth of <a href="https://insidebitcoins.com/news/4-day-inflow-streak-for-bitcoin-etfs-hedera-and-filecoin-rival-set-for-stellar-returns" rel="noopener noreferrer nofollow">BTC</a> will be sold off every day after the halving event, ”reversing the supply/demand imbalance that caused BTC to rally pre-halving.”
The Bitcoin price has surged 50.6% so far this year to trade at $66,529 as of 5.25 a.m. EST.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Might Trade Sideways for 6 months As Miners Could Sell $5bn of BTC -&gt; Here is why: <a href="https://t.co/gLRgs8yyGg" rel="noopener noreferrer nofollow">https://t.co/gLRgs8yyGg</a> <a href="https://t.co/zBLdV95MAl" rel="noopener noreferrer nofollow">pic.twitter.com/zBLdV95MAl</a>
 — 10x Research (@10x_Research) <a href="https://twitter.com/10x_Research/status/1778963206691794964?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 13, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="span-style-font-weight-400-altcoin-rally-may-only-happen-later-span">Altcoin Rally May Only Happen Later</h2>
Altcoins might bear the brunt of the potential BTC selloff, Thielen said.
“Even if there is a correlation between the halving and an altcoin rally, as some predict, historical evidence shows that the rally typically begins almost six months later,” he added.
<img decoding="async" src="https://s3.tradingview.com/snapshots/g/gmgMbZV7.png" alt="CRYPTOCAP:TOTAL2 Chart Image by StevenWalgenbach">
Weekly chart for the altcoin market cap (Source: <a href="https://www.tradingview.com/x/gmgMbZV7/" rel="noopener noreferrer nofollow">TradingView</a>)
The altcoin market dropped over 10% last week, but traders have since resumed buying smaller-capped cryptos. Following a more than 2% increase so far this week, the total market cap for altcoins stood at $1.051 trillion as of 3:00 a.m. EST, according to <a href="https://www.tradingview.com/x/J7bbsMpx/" rel="noopener noreferrer nofollow">TradingView data</a>.
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Crypto Market Facing ”Six-Month Lull” With Bitcoin Miners Set To Offload Up To $5 Billion BTC After The Bitcoin Halving, 10X Research Says

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Inside Bitcoins

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