Miners Moving BTC to Exchanges
Bitcoin miners have sold 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.
Analysis on Selling Pressure and Market Impact
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 “have remained at the same level since the beginning of January.”
Bitcoin Miners Adding to Selling Pressure
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.
Benefits of BTC Halving Event
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 Bitcoin Halving Prediction
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.”
Long-Term Price Target
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.
Hot Take: Skybridge Capital Founder Predicts Major Bitcoin Growth
Bitcoin miners were reported to be selling their holdings, putting selling pressure on the cryptocurrency market. Despite this, the movement did not impact reserves in mining portfolios. Skybridge Capital’s Anthony Scaramucci believes that the upcoming BTC halving event will be a major catalyst for growth, predicting a potential price target of $170,000 per coin based on historical halving cycles and the cryptocurrency’s performance after them.
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