According to BlockBeats, cryptocurrency research firm 10x Research has published an analysis predicting that Bitcoin miners may sell off $5 billion worth of BTC following the upcoming Bitcoin halving on April 20. Over the past few months, miners have been steadily accumulating BTC stocks, leading to an imbalance in supply and demand and driving up the price of Bitcoin. As written two months ago, Bitcoin often bounces back by +32% entering the halving.
However, the act of miners selling off $5 billion worth of BTC after the halving could disrupt the market for the next 4-6 months. Similar to the price consolidation of Bitcoin after previous halvings, this sell-off pressure could also lead to a similar market reaction. It's worth noting that during periods of Bitcoin's sluggish performance, the altcoin market could be hit first, facing greater downside risks.