Bitcoin Miners in Tug-of-War, HODL vs Sell Bitcoin (BTC)

Miner Hut 8 is holding over $222,000,000 worth of Bitcoin (BTC).
Charts show that a significant amount of Bitcoin miners are selling their BTC.
Many are expecting the price of Bitcoin to shoot soon based on past price patterns.

Miner Hut 8 holds 7,078 BTC, according to one of Bitcoin magazine’s latest tweets. In detail, this amount of BTC comes up to over $222,000,000 in worth. More so, the tweet claims that Miner Hut is keeping 100% of the Bitcoin (BTC) that it mines.

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This is grand news for Bitcoin holders and crypto enthusiasts everywhere. To highlight, the crypto community is still waiting for a grand rally for the price of Bitcoin (BTC). Presently, the price stands at $31,371.63 which means the asset’s price is up by 5.5% over the last 24 hours.

Meanwhile, Bitcoin Archive shares a graph on its Twitter page that shows how many Bitcoin (BTC) miners are actually selling their Bitcoin.

In response, this tweet got a lot of engagement from curious Twitter users. Specifically, some are saying that miners are trading emotionally and cannot see the bigger picture. In contrast, others believe miners can predict what’s coming and are probably expecting another huge dip in the price of Bitcoin (BTC).

On the other hand, those trading with Bitcoin for a long time are trying to find a pattern. For instance, Documenting Bitcoin tweets its observation on the matter of Bitcoin prices and dips over the years.

To elaborate, Documenting Bitcoin points at how in 2011, Bitcoin fell below $30, then it rose up. Similarly, in 2014, Bitcoin fell below $300 while in 2017, Bitcoin fell below $3,000. After both these incidents, the price of Bitcoin went up again.

This brings Documenting Bitcoin to the present. In 2022, the price of Bitcoin fell below $30,000. With this analysis, Documenting Bitcoin is trying to say that if historic patterns repeat themselves, then we may be in the wake of another Bitcoin high very soon.

Of course, it is not only Documenting Bitcoin that is expecting a huge Bitcoin price surge. Just recently, venture capital investor Tim Draper said he is expecting the value of Bitcoin (BTC) to reach $250,000.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.