CryptoQuant recently reported that Bitcoin miner reserves had dropped to their lowest level since July 2021. This is due to the migration of miners from China to other countries in Eurasia and North America.
Bitfinex analysts have also observed an increase of Bitcoin going to exchange addresses associated with mining companies.
In fact, there was a significant outflow of BTC from miners’ autonomous wallets last week, something that has not been seen before.
Experts believe that there may be a large sell-off of BTC in the coming days, putting pressure on its price and potentially causing it to drop below $40,000. This is due to the approaching halving of miners’ income, which is expected to occur at the end of April.
Currently, Bitcoin is trading around $43,000, but experts predict that it may fall below $40,000 by the end of the week. Short-term investors may also start selling their Bitcoin out of fear that its value will drop below what they paid for it.
