4 critical dates throughout 2023 you should watch closely to track Bitcoin price movements
Investors should closely follow four critical dates throughout the year, as Bitcoin price recently surpassed the $30,000 level, reigniting talk of a potential new crypto boom. These dates may put more selling pressure on digital currency.
CryptoQuant has identified these dates as crucial windows of opportunity for the U.S. government to sell its Bitcoin holdings, including those confiscated in the Silk Road dark web case: May 26, August 7, October 19, and December 30, 2023. The U.S. government recently disclosed in a court filing that it had sold 9,800 BTC that was part of the historic seizure related to the Silk Road case on March 14 for $215.7 million.
The government hopes to unload the remaining 41,500 BTC associated with the case in four batches throughout the year.
According to CryptoQuant’s analysis, the 73-day gap between the initial batch sale and the following important date may indicate a pattern in the government’s sell-off strategy.
We’ll have to wait and see if this pattern holds or is just a coincidence. Investors may be able to better navigate the choppy seas of the Bitcoin market by keeping a close eye on the important dates stated above.
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