Hunter Horsley, the CEO of Bitwise, stated that once Bitcoin reaches the price range of $130,000 to $150,000, most holders are unlikely to sell. He made these remarks in an X post, emphasizing that the current sell pressure largely comes from early investors cashing out profits around the psychologically significant $100,000 mark. As of now, Bitcoin is trading at $108,698, just shy of its all-time high. Analysts have noted an uptick in selling from long-term holders, particularly as Bitcoin approaches these milestone prices. However, Horsley believes this behavior will wane as the price continues to rise. He mentioned that Bitcoin holders will increasingly look for liquidity options that do not require selling their coins, which could further support price increases. Supply constraints are also becoming a hot topic, with over-the-counter trading desk activity indicating tightening available supply. Drifting along the current price levels, any substantial purchases may significantly impact the market dynamics. Experts like Michael Saylor reaffirm this viewpoint, indicating that even a modest sum of $50 million could catalyze movement in Bitcoin's price. As the liquidity landscape shifts, holders may turn to borrowing against their assets as an alternative to selling.
Bitwise CEO Predicts Bitcoin Sell Pressure to Fade Above $130K
Bitwise CEO Hunter Horsley believes sell-off pressures will diminish once Bitcoin surpasses $130,000, driven by long-term holders seeking to retain their assets.
Jamie Bennett
Crypto Analyst
5 min read
16,462
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
BTC
BTC
BUY
Entry Price
$110000
Confidence
80%
Stop Loss
$108000
Take Profit
$115000 - $130000
The positive sentiment and predictions around BTC reaching $130k suggest strong upward momentum. Buying now with a stop loss slightly below current support.
