Bitwise CEO: No One Will Sell Bitcoin Once It Hits $130K
Bitwise CEO Hunter Horsley forecasts that Bitcoin prices will need to exceed $130,000 for selling pressure to wane. Current trading nears all-time highs, with early investors taking profits. Experts suggest liquidity options may develop for long-term holders, while tightening supply could further elevate prices.
Hunter Horsley, the CEO of Bitwise, confidently predicts that selling pressure on Bitcoin will diminish significantly once the cryptocurrency hits the $130,000 mark. In a recent post on X, he stated, “I think once Bitcoin breaks through, e.g., $130-150k, no one is going to sell their Bitcoin.” This comes amidst growing speculation that such price levels could be reached this year, as noted by Mike Novogratz, founder of Galaxy Digital, citing strong institutional interest in digital assets.
Currently, Bitcoin (BTC) is trading at around $108,698, just a few thousand shy of its all-time high of $111,970 reached in late May, according to data from CoinMarketCap. Horsley explains that the existing sell pressure primarily involves early investors keen on taking profits near the psychological $100,000 threshold. He remarked, “Right now at $100k, it seems individuals who hold a lot of Bitcoin that was bought a long time ago at very low prices are selling some.” However, he believes this trend is temporary, suggesting, “Once Bitcoin breaks new levels, this will peter off.”
Interestingly, even before Bitcoin topped $100,000 on May 8, the on-chain analytics firm Glassnode warned that there would likely be an uptick in selling among older investors once that threshold was breached. Outlining the current landscape, Horsley emphasized that many long-term Bitcoin holders — defined as those who have held for over 155 days — are significantly in the green, with an average purchase price sitting at around $34,414.
Many of these holders, although sitting on considerable profits, will seek liquidity without selling their Bitcoin, according to Horsley. “And from there on, when people need liquidity, they are going to borrow from an ever-growing set of lenders,” he noted. This approach, he argues, will create additional pressure on the Bitcoin supply and contribute to price growth.
Meanwhile, reports from Cointelegraph indicate that over-the-counter (OTC) desks, which facilitate large trades off exchanges, are beginning to show signs of a tightening supply. Michael Saylor, of Strategy, echoed these concerns, stating that miners currently have about 450 Bitcoin available for sale daily, amounting to around $50 million at current rates. He underlined, “If that $50 million is bought, then the price has got to move up.”
This acknowledgment of potential price influences highlights the complexity of the current Bitcoin market. As noted, only $50 million can significantly impact the crypto landscape, with Saylor adding, “At the current price level, it only takes $50 million to turn the entire driveshaft of the crypto economy in one turn.”
In summary, Hunter Horsley from Bitwise suggests that Bitcoin’s sell pressure will greatly reduce once it crosses the $130,000 threshold. With the cryptocurrency trading close to its all-time highs, many early investors are cashing in around the $100,000 mark. However, the long-term holders are advised to look for alternative ways to access liquidity rather than selling. Meanwhile, industry experts like Michael Saylor suggest that even small amounts of capital can significantly influence Bitcoin’s price trajectory due to the tightening supply in the market.
Original Source: cointelegraph.com
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