Bitcoin Could Slump Around Reward Halving Time, Arthur Hayes Says

Bitcoin may face selling pressure in the second half of April as the supposedly bullish impact of halving is already well entrenched, Hayes said in a blog post.

The bullish narrative stems from data showing bitcoin tends to chalk out stellar multimonth rallies in the months after the, an event that reduces the pace of supply expansion rate by 50% every four years. This time the halving will cut the per-block issuance to 3.125 BTC from 6.25 BTC. Tax payments typically remove liquidity from the financial system as individuals withdraw cash from bank deposits and market funds to pay their dues.

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