Bitcoin (BTC) bears are at it again, driving the price down nearly another 10% during the weekend when the volume is at its thinnest.
So is the pre-halving rally over already?
Daily crypto market performance. Source: Coin360
At the writing time of this post, Bitcoin has lost 7.68% of its value and nothing can assure that it can't be any worse.
So what is the reason?
Chinese scam PlusToken moved $117m in Bitcoin
On March 7th, Researcher at blockchain research firm Ergo said: "~13k [BTC] in new PlusToken mixer deposits in the last 24 hrs. Almost all previous mixer deposit change has entered mixing, confirming my theory. Distributions still on/off. Much slower than September and November'.
If the 13,000 BTC are sold, and done so over time, it is not likely to have an immense impact on the short-term price trend of Bitcoin. But, if it is market sold in large amounts, there is a possibility it leads to a cascade of liquidations across margin trading platforms.
Coronavirus
This is weird, I have to say.
From the beginning, coronavirus is believed to send bitcoin price to $100,000.
But now when the outbreak of this epidemic happened, the market is bleeding.
According to the tweet, 70% of the Bitcoin mining pools in China, and now they almost stopped.
Nevertheless, this is just a subjective thought.
BTC Hodler is preparing for halving
Prior to the halving event in May, Bitcoin hodlers were more likely to hold assets if they expect the falling in supply and the rising in demand.
This is the same case for miners who control the significant proportion of BTC supply.
The optimism about halving Bitcoin could account for the reduced volume of transactions that analysts proposed was the precursor to the financial pullback. If the shortage of trading volume continues, the recovery will be difficult and cannot save the life from the pullback state.
Fortunately, if the miner hoarding coins is the main reason for a large pullback, the community doesn't need to worry in the long run. It shows that seemingly discounted trading behavior actually has a potential bullish belief because BTC demand will increase after the mining event. In that case, the pullback may only be temporary.
Any idea of what could be Tomorrow's Price of Bitcoin?
https://www.publish0x.com/phuc-knows-crypto/tomorrowsprice-3-2-1-go-xonjmr
