BTC Miners Expect Bitcoin Price to Surpass $12K After Reward Halving

Miners have sold less Bitcoin (BTC) over the past seven days as the highly anticipated block reward halving approaches. This means that miners expect the price of Bitcoin to increase substantially over time after the halving occurs.

The Bitcoin halving, which is set to occur on Tuesday, occurs approximately every four years. When triggered, it decreases the amount of Bitcoin that miners are rewarded with for their troubles. Since new Bitcoin is introduced to the market by miners selling it, the halving drops the rate in which new Bitcoin is introduced.

Given the deflationary nature of Bitcoin, any event that affects its supply will have a significant impact on the price of the asset. In the medium to long term, data shows that miners are confident the halving will push the price up substantially.

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