Bitcoin Miners’ Selling Pressure Spikes to 8-Month High, Analysis Shows

Bitcoin miners have been selling their BTC holdings, moving over 4,000 coins valued at around $173 million from their wallets to cryptocurrency exchanges in a single day, the highest figure seen since May 16, 2023.

According to on-chain analytics firm CryptoQuant, the moved BTC created selling pressure on the cryptocurrency market that was “calmy absorbed,” and the movement did not impact the reserves in mining portfolios, which, according to the firm, “have remained at the same level since the beginning of January.”

The firm’s analyst added that while there were “several interactions with exchanges during this period, some quite significant,” these did not correspond with miners dumping BTC on the market,

Source: CryptoQuant

Bitcoin miners are adding selling pressure to the cryptocurrency market at a time in which the price of the flagship cryptocurrency is heading for its fifth month of gains in a row, the longest run since the pandemic-driven rally boosted by stimulus checks.

If Bitcoin keeps rising, it will reach its highest streak of monthly gains since its pandemic-era rally between October 2020 and March 2021 before it reaches its peak of nearly $69,000 in November 2021.

Notably, earlier this month Skybridge Capital founder and managing partner Anthony Scaramucci revealed he believes that BTC’s upcoming halving event will be a major catalyst for its growth and pointed to a $170,000 price target per coin.

Scaramucci’s prediction is based on historical Bitcoin halving cycles and the cryptocurrency’s performance after them. During the Scott Melker podcast, he noted that the day that Bitcoin halving, “multiply [its value] by four 18 months later and it’s been uncanny that that’s been the price of Bitcoin.”

The founder of Skybridge Capital added that using the $35,000 figure, Bitcoin’s price could reach $50,000 by April – the month the halving is expected to occur – and then multiply by four over the next 18 months to reach the $200,000 mark. He added that if the price reaches $60,000 by the halving, it could touch $240,000.

Scaramucci’s current $170,000 target is based on a hypothetical halving price of $35,000, while his long-term price target predicts Bitcoin could reach half of gold’s market capitalization, bringing BTC to $400,000 per token.

Featured image via Unsplash.

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