In my research and reading about crypto, I have stumbled across a totally unexpected event. I call it a Pseudo-Halving for Bitcoin. Seems a few of my trusted Crypto-Prognosticators are predicting that the price of BTC will rise again VERY SOON, due to a shortage similar to a halving. But didn't we just have the "Halvening"?
Yes, we did. Late 2020 and the block rewards went down to 6.25 and it's not due for another halving until 2024, roughly. (210,000 blocks) So why all the predictions of a Pseudo Halving? Very Simply put, the miners now do not have to sell as much BITCOIN for operating expenses. Some institutional miners are in fact completely funded, 100% or more with Fiat from investors. As "sharehodlers" in a mining operation, these folks have been hoarding for at least a month now.
Here's a reporting chart I found from glassnode.com illustrating this situation this year...
Big deal, you might say. But this chart stops short, it is hosted in an article found here: https://www.coindesk.com/bitcoin-miners-are-again-stacking-coins-in-a-positive-sign-for-the-market
The actual line graph I saw was identical to this, but it was up to date. It is hosted on a private server, for members only, so I will not steal a screen shot, nor post it here. Likely a copywrite violation!! 😳 But I will show you a modified version of the glassnode chart displayed above, it is my "photo-chop" rendition of the up to date version of the glassnode graphic:
...as you can see, IT'S SNOWBALLING.
The article I read stated that this trend will continue, resulting in a Bitcoin "shortage" with essentially ALL newly mined BTC being hoarded by the newly "well-funded" miners. This is perhaps a bigger market factor than the EIP1559 and upcoming ETH 2.0 combined! No one can really predict it, but I am going to stick my neck out. I predict that BOTH BTC and ETH will continue a Bull Market through the summer and the fall, maybe longer. The SMART MONEY is counting on this. Regardless of the sideways markets, people in the know are only shuffling funds, but not selling out of this sideways trend. One can almost feel the momentum building for something BIG.
Just watch these 3 things, BTC hoarding, EIP1559 and ETH 2.0's slow roll. Then look for bargains in the ETH Support Tokens, buy the bargains and the dips. Plus look for the emerging DEFI Gems. I'm LONG in Cardano (ADA) and a lot of ETH support stuff. My youtubers are saying that Polygon's MATIC Token is a sure winner. It's running about 1/2 of it's recent High (ATH?) but that should be smashed once this Bull starts to RUN. I just use that as an example. MATIC is working perfectly, I have saved literally hundreds since it was connected fully on the ETH DEFI Networks. My biggest transfer or buy was literally just under $40 and I had been paying hundreds. $300 to $400 for my highest. My lowest have been single digits, 8 and 9 dollars for a purchase on uniswap et-al. Very happy with MATIC!!!