Bitcoin<\/a> surged by 74% in 2024, reaching a pinnacle of $73,734 on March 14 before a subsequent dip below $63,000 in mid-April.<\/p>\n\n\n\nThe analyst also shed light on the ripple effect on altcoins, elucidating their regression from peak values in 2021. Despite conjecture surrounding a potential altcoin rally post-halving, Thielen referenced historical data, indicating that such rallies typically manifest approximately six months later.<\/p>\n\n\n\n
Zooming into specific mining operations, Thielen spotlighted Marathon as the world’s largest Bitcoin miner, hinting at their accumulated inventory likely to be methodically offloaded post-halving to avert revenue shocks. Marathon’s current daily production of 28\u201330 BTC could translate to an additional 133 days of supply in the market post-halving, with ongoing production hovering around 14\u201315 BTC per day.<\/p>\n\n\n\n
In a hypothetical scenario where all miners adopt a similar strategy, Thielen envisaged a potential daily sell-off of up to $104 million worth of Bitcoin post-halving, a move that could potentially rebalance the supply-demand equation driving the recent price surge.<\/p>\n\n\n\n
As the countdown to the halving progresses, slated to slash miners’ daily Bitcoin rewards to 450 from the current 900, the industry faces revenue losses estimated at approximately $10 billion annually.<\/p>\n\n\n\n
In preparation for this event, entities like Marathon Digital Holdings and CleanSpark have ramped up their efforts, investing in upgraded equipment and strategic acquisitions to mitigate revenue declines.<\/p>\n\n\n\n
Matthew Kimmell, a digital asset analyst at CoinShares, emphasized the urgency among miners to maximize revenue before the impending halving-induced revenue reduction.<\/p>\n\n\n\n
Marathon CEO Peter Thiel cited the company’s break-even threshold post-halving, pegging it at around $46,000 per BTC and anticipating minimal price fluctuations in the six months following the event.<\/p>\n\n\n\n
Echoing sentiments of optimism, Alvin Kan, COO at Bitget Wallet, anticipates a bullish cycle following the halving, attributing ETFs as a significant catalyst in shaping market dynamics. Since the SEC’s nod in January, spot Bitcoin ETFs have witnessed unprecedented growth, with cumulative net inflows surpassing $56.27 billion, buoying Bitcoin to its all-time high early in the bull market.<\/p>\n\n\n\n
Kan anticipates sustained positive momentum in ETF flows post-halving, buoyed by investors keen on leveraging Bitcoin’s historical price surge post-halving to their advantage.<\/p>\n","protected":false},"excerpt":{"rendered":"
After scrutinizing the market dynamics, analysts forecast a substantial liquidation of Bitcoin by miners, estimating that a staggering $5 billion worth of BTC could flood the market post-halving, a pattern observed in historical cycles.<\/p>\n","protected":false},"author":14,"featured_media":12527,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[149,1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts\/12526"}],"collection":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/comments?post=12526"}],"version-history":[{"count":1,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts\/12526\/revisions"}],"predecessor-version":[{"id":12528,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts\/12526\/revisions\/12528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/media\/12527"}],"wp:attachment":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/media?parent=12526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/categories?post=12526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/tags?post=12526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}