Few hours to the bitcoin halving. The analyst Willy Woo is thinking that this Bitcoin halving will cause miners earnings to decrease from 1800 btc to 900 btc while the exchangers may continue to earn around 1200btc per day as results of applications of transactions fees.
For this reason, he says, there could be a threat to the bullish run of bitcoin because of the large amount of bitcoin sold by exchangers.
I try to explain better what i understand from this discussion: if they continue earning so much high for transactions fees (and why ever they shouldn’t do) they may change this amount to fiat and this should be around 11,6 billion dollars per day.
This amount of sales may interfere with the bitcoin bullish rally. Since the miners, instead, will have gains halved, it’s likely instead that more miners will stop activities and in this case the bear trend may take place.
To cut a long story short, the price after halving may be done by the ratio between exchangers and miners on the side of bitcoin sell.