10x Research Shows Possibility of Crypto Miners Selling Off $5B in Bitcoin Post Halving

10x Research Shows Possibility of Crypto Miners Selling Off $5B in Bitcoin Post Halving

As the 2024 Bitcoin halving countdown begins, the crypto sector has been bombarded by multiple predictions. On April 13, the head of research at 10x Research, Markus Theilen, projects that after the halving, the outflow of Bitcoin will increase exceedingly.

The analyst forecasts that the over $5 billion BTC will be liquidated after the 2024 halving. Even though some predictions are the opposite, Theilen labels the upcoming Bitcoin halving as a phenomenon.

Analyst Project Crypto Miners to Dump $5 Billion BTC Post Halving

The executive expects the selling pressure for BTC to proceed months after the halving. He predicts that after the BTC halving the price of the world’s largest crypto asset by daily trading volume, Bitcoin will be unstable for the following months.

Reflecting on the behaviour of Bitcoin in the past halving, the analyst noted a common trend. He projects that after halving, the crypto market will face hurdles.

A review of the price movement of BTC post the 2020 halving demostrated  that Bitcoin hovered around $9,000 and $11,500.

The official confirmed that 2024 halving is expected to occur between April 20. During the halving  Thielen projects, the price of BTC to remain unstable. But if history repeats itself, Thielen anticipates crypto assets to establish an upward trajectory in October.

Significance of 2024 Bitcoin Halving

To remain profitable, analysts predict miners to store more BTC to create an imbalanced demand-supply curve. At this stage, Thielen projected that the price of BTC would increase exponentially.

The analyst’s prediction seems to align with the current BTC trend. A few weeks ago, the price of BTC breached the $73k resistance level, a 74% increase from its previous reading. The analyst projects that BTC’s price movement will affect most of altcoin’s market performance.

Recent reports indicate that most altcoins have established a dribbling momentum. The executive believes that history will repeat itself despite the complex relationship between the Bitcoin halving and the altcoin rally.

Thielen underlined that the rally of most crypto assets will be witnessed six months after the halving. In readiness for the Bitcoin halving, some miners have devised ways to remain profitable even after the 2024 halving.

Miners Explore Ways to Maximize Profit After Bitcoin Halving

Citing the Marathon Digital Holdings case, Thielen noted that the miner has invested in creating an exclusive inventory, which will be on sale after the halving. The Marathon team intend selling the inventory to maximize the company revenue after the halving.

A review of the Marathon website demonstrated that the miners generate 28 to 30 Bitcoins daily. This implies that after halving the Marathon, it will generate 14 to 15 Bitcoins.

With the uncertainties surrounding the 2024 Bitcoin halving, Thielen anticipates other miners to follow Marathon’s approach of selling a portion of their inventory to remain profitable. The executive projects that if the miners anticipate selling part of their BTC inventory after the halving, the supply of Bitcoin will increase.

He forecast that over $104 million of BTC will be available for sale daily. The Bitcoin halving occasionally creates a shift in the supply curve that increases the price of BTC.

However, if miners agree to sell a portion of their inventories after the halving, this could bring stability to the demand and supply curve. In a recent interview with the chief executive of Marathon, Peter Thiel confirmed that the miner’s break-even rate would reach $46000 per BTC after the halving.

All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.

Leave a Reply

Your email address will not be published. Required fields are marked *