The bitcoin halving could be a "buy the rumor, sell the news" event, according to the CEO of a crypto payments solution provider.

"With more sophisticated market participants and institutional investors in this market cycle, we may see a case of ‘buy the rumor, sell the news’ for this halving," Coinify CEO Rikke Staer said in an email sent to The Block.

Staer added that because the halving cuts miner rewards in half, less efficient mining operations might become unprofitable. "These miners might be forced to sell existing bitcoin holdings to cover electricity costs, equipment maintenance, and other operational expenses," he added.

According to the Coinify CEO, the sudden influx of bitcoin from miners selling to stay afloat could overwhelm existing buy orders and drive down the price. …