Bitcoin Sell-off Could be in the Offing, 4 Crucial Dates to Keep An Eye On
The US government has been very critical of the crypto space, especially over the past few months. Its upcoming actions could trigger potential sell pressure in the near future, even as investors currently do not exhibit any bearish behavior.
Prominent analytic firm, CryptoQuant, has identified four important dates – 26 May 2023, 7 August 2023, 19 October 2023, and 30 December 2023 – as there may be extra selling pressure from the United States government’s Bitcoin holdings on those days.
- The latest blog post pointed out that the first batch of Bitcoin holdings was sold by the US government on March 14th, a week after the transaction to an exchange on March 7th.
- Approximately 41,491 bitcoins will be sold in four other batches throughout the year, according to its analysis.
- The 73-day interval between the first batch sale and the next date is crucial since it depicts a possible pattern in the sell-off strategy.
- Bitcoin broke several crucial levels this year as the market sentiment improved compared with 2022’s apocalyptic and scandal-filled downturn.
- The rebound has been promising so far, but such a sale could have a negative short-term impact on BTC prices, allowing short sellers to profit.
“Dividing the number of days in a year by the number of batches gives 73 days, which is exactly the day the first batch was sold. Will there be a pattern in the sale of the remaining batches every 73 days or is it just a coincidence? Only time will tell.”
- Bitcoin miners are also seeing increased revenue after a turbulent 2022.
- But adding further cynicism to the current market trend is Glassnode’s latest chart on ‘Miner Outflow,’ which has reached a 1-month high, signaling that miners have been selling the majority of the BTC that they mined.
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OhNoRipple via https://www.ohnocrypto.com/ @Chayanika Deka, @Khareem Sudlow