The Impact of Miners on the Bitcoin Market: Analysis by Markus Thielen
Date: 2024-04-15 Author: Henry Casey Categories: BUSINESS
Research and Predictions by Markus Thielen
Markus Thielen, a well-known cryptocurrency analyst, bases his research on historical data that indicates behavioral patterns in the price of Bitcoin after events such as halving. Halving is an event in which the reward for mining blocks is halved, which occurs approximately every four years. Thielen emphasizes that historically, after halvings, the Bitcoin price experiences a period of consolidation, followed by rapid growth. Let us remember that in 2020, after the halving, BTC fluctuated in the range of $9,000 - $11,500 for five months.
Impact of Selling Bitcoins by Miners
According to Thielen's forecast, miners could sell up to $5 billion worth of bitcoins in the next six months. He assumes that miners will continue to sell their accumulated Bitcoin reserves for 4-6 months after the halving, which will cause BTC prices to move sideways during this period. Thielen notes that this is a standard practice that has been observed after previous halvings, and significant price increases usually begin six months after the halving.
Example of Mining Company Marathon
Thielen describes in detail the situation of one of the largest mining companies, Marathon. Currently, there are about 18,000 BTC in the company’s wallets. In light of Bitcoin's current daily production of 28-30 BTC and the impending decline to 14-15 BTC per day after the halving, Marathon, like other similar companies, will likely sell some of its accumulated supply to maintain its profitability levels .
Market Dynamics and Future Trends
As of Saturday, April 13, the price of BTC fell below $61,000, but then partially recovered, and Bitcoin is currently trading around $65,000. Market movements show that despite possible pressure from miners, the market remains resilient to short-term fluctuations.
Markus Thielen's forecasts for bitcoin miner sales and market impact provide valuable guidance for investors and cryptocurrency market participants. It is important to understand that such forecasts are based on historical data and can only serve as indicators of possible trends and are not an absolute guarantee of future market movements.
