Bitcoin drops to 66K, $900 million liquidated in the market! Analyst: Miners sell $5 billion worth of inventory, future looks bleak for the next six months

Bitcoin plummeted from the 70K level to 66K overnight, with a nearly 6% drop in a single day. The contract market long positions suffered significant liquidation, with a total of 920 million USD liquidated in the past 24 hours, of which long positions accounted for 800 million USD.

10x Research: Miners to Sell $6 Billion in Inventory, Market Slump Ahead for the Next Six Months

Analysts at 10x Research believe that the cryptocurrency market could face significant challenges over the next six months as Bitcoin miners prepare to sell off large inventories of Bitcoin accumulated over the past few months. These inventories could disrupt market dynamics. This is a typical scenario before the 4/20 Bitcoin halving, where miners hoard Bitcoin, leading to a supply-demand imbalance, followed by a rise in Bitcoin prices. Other cryptocurrencies, in particular, may be affected by this situation.

They suggest that miners may liquidate $5 billion worth of Bitcoin post-halving. This selling pressure could last for four to six months, which also explains why Bitcoin may trade sideways in the coming months.