According to cryptocurrency analysts, significant amounts of Bitcoin may be withdrawn from miners’ wallets in the coming weeks.
According to 10x Research analyst Markus Thielen, miners’ wallets could see $5 billion worth of Bitcoin being withdrawn.
Thielen said, “This selling period could last four to six months, which explains why Bitcoin will likely trade sideways for the next few months, as it has done in past halving cycles.”
The crypto researcher believes that the market could remain stagnant for six months after the expected halving on April 20th.
During this period, it is expected that altcoin prices could suffer a severe blow. Thielen stated, “If there is a correlation between halving and an altcoin rally as some anticipate, historical evidence shows that this rally begins approximately six months later.”
