Bitcoin Plunges to 66K, Market Liquidations Surpass 900 Million RMB! Analysts Attribute it to Miners Dumping 5 Billion RMB Worth of Inventory, Predicting a Slump for the Next Six Months.

10x research analyst believes that the cryptocurrency market may face significant challenges in the next six months as Bitcoin miners are preparing to sell off their accumulated stockpile of Bitcoin, which they have worked hard to accumulate over the past few months. This stockpile could disrupt market dynamics. This is a typical scenario before the 4/20 Bitcoin halving, where miners hoard Bitcoin, causing an imbalance in supply and demand, followed by a rise in Bitcoin prices. Other cryptocurrencies, in particular, may be affected by this situation.