Miners Could Sell Off a Large Number of Bitcoins After Halving

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According to one market analyst, in the months following the halving, there could be a large decline in the number of Bitcoins held by miners, similar to previous cycles.

In a note published on April 13, Markus Thielen, head of research at 10x Research, estimated that Bitcoin miners could sell around $5 billion worth of BTC following the halving. 

Thielen also noted this selling could last four to six months, leading to a period of sideways movement for Bitcoin.

Thielen warned that the same pattern could repeat itself this year, which could challenge the crypto market during the six-month “summer” lull. After the 2020 halving, Bitcoin hovered in a range between $9,000 and $11,500 for five months.

This year, halving will occur around April 20. If history repeats itself, crypto markets may not experience a significant rally until October.