Bitcoin Sell-Off: 4 Crucial Dates to Keep An Eye On
• The US government has been critical of the crypto space and is set to sell large holdings of Bitcoin in four batches throughout the year.
• CryptoQuant has identified four key dates – 26 May 2023, 7 August 2023, 19 October 2023, and 30 December 2023 – when such sales could induce volatility in the market.
• While BTC prices have already rebounded this year, a potential sale could lead to short sellers profiting from any negative impacts it may have.
Bitcoin Sell-off Could be on the Horizon
The US government has been expressing strong criticism towards cryptocurrency over recent months, with a potential sell-off of large Bitcoin holdings looming over the market. Analytic firm, CryptoQuant, has identified four key dates – 26 May 2023, 7 August 2023, 19 October 2023, and 30 December 2023 – when such sales could drive volatility in the market and lead to potential profits for short sellers.
US Government’s Criticism of Crypto Space
The US government has been very vocal about its views on cryptocurrencies over recent months and its actions moving forward will be closely watched by traders and investors alike. A sell-off of large Bitcoin holdings by the US government may potentially push prices down in the short term and enable short sellers to benefit from any negative impacts it might bring about.
CryptoQuant’s Identified Dates
CryptoQuant has identified four key dates when such sales may take place: 26 May 2023; 7 August 2073; 19 October 2073 and 30 December 7320. According to its analysis these batches will follow 73-day intervals between each other starting with 14 March 7320 as the first date. Such an event would likely cause volatility in the market as investors adjust their strategies accordingly.
Positive Rebound So Far
Bitcoin had a strong rebound this year following a tumultuous 2022 filled with scandals and bearish sentiment which saw it break several crucial levels along its path downwards. However, while positive sentiment seems to be prevailing at present time any upcoming sale by the US government may prove detrimental for BTC prices if not managed properly or if investors are caught off guard by sudden news of such an event occurring on one of those mentioned dates above.
Bottom Line
The effects that any potential sale by the US government will have on BTC prices remain uncertain at present time but investors should stay alert for any news regarding this matter as well as monitor closely what happens around those four dates listed above as they may provide clues about future price movements or trends that could affect their portfolios going forward.
