Cryptocurrency Price Prediction: The Bitcoin network reached a major milestone on Friday night when it carried out its fourth halving event at block 840,000, reducing the mining incentive from 6.25 new bitcoin per block to 3.125. In reaction to favorable market mood, the cryptocurrency market saw a slight bounce after the update, but it was unable to maintain the pressure. As a result, the price of Bitcoin fell 1.1% on Saturday and reached a low of $63000. The bulk of significant altcoins may continue their sideways movement for the upcoming week if supply pressure remains persistent.
According to new statistics from Into The Block, a crypto analytics company, miners’ Bitcoin holdings have fallen to a 12-year low. According to the trend, miners may have been steadily selling off their Bitcoin holdings in the run-up to the halving. This sell-off may reflect miners’ caution or pessimism on possible price movement following the halving or the necessity of covering operating expenses before the occurrence.
Because there will be a decrease in the amount of new Bitcoin that is sent into circulation, halvings are typically seen as bullish triggers that could cause a supply shock. But as the market gets used to this shift, the miners’ recent selling activity may temper short-term expectations.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
