Bitcoin sell pressure will have evaporated once it crosses the $130,000 mark, according to Bitwise CEO Hunter Horsley.
“I think once Bitcoin breaks through, e.g., $130-150k, no one is going to sell their Bitcoin,” Bitwise CEO Hunter Horsley said in an X post on Wednesday.
Galaxy Digital founder Mike Novogratz recently said the price range is possible this year, citing strong institutional flows and growing demand for digital assets.
Bitcoiners who bought a “very long time ago” are selling
Bitcoin (BTC) is currently hovering sideways around its all-time highs.
At the time of publication, Bitcoin is trading at $108,698, just $3,272 shy of its May 22 all-time high of $111,970, according to CoinMarketCap data.
Horsley said that current sell pressure mainly comes from early buyers who acquired Bitcoin at much lower prices and are now choosing to take profits around the psychologically important $100,000 level.
“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,” Horsley said. However, Horsley said this will be short-lived. “Once Bitcoin breaks new levels, this will peter off,” he said.
Even before Bitcoin crossed over $100,000 on May 8, onchain analytics firm Glassnode warned of a “notable increase” in older investors selling once that level was reached.
Horsley says Bitcoiners will find alternative ways of accessing liquidity
The average Bitcoin long-term Bitcoin holder — those who have held for more than 155 days — is currently up around 215%, with an average purchase price of $34,414, according to crypto analytics platform Bitbo.
While the profit margin is large now, Horsley said that Bitcoin holders who need money in the future will find other ways to use their Bitcoin without selling it.
Tightening Bitcoin supply is the talk among the industry
“And from there on, when people need liquidity, they are going to borrow from an ever-growing set of lenders,” he said.
“All of which will further propel the price… There’s simply not going to be enough Bitcoin.”
Meanwhile, Cointelegraph recently reported that OTC (over-the-counter) desks, which facilitate large, off-exchange trades, are showing signs of tightening supply.
Related: Bitcoin price prepares for volatility as spot supply vanishes
Strategy’s Michael Saylor recently echoed a similar sentiment. On June 10, Saylor noted that approximately 450 Bitcoin are available for sale each day by Bitcoin miners, amounting to roughly $50 million at its current price.
“If that $50 million is bought, then the price has got to move up,” Saylor said.
“At the current price level, it only takes $50 million to turn the entire driveshaft of the crypto economy in one turn,” Saylor added.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
