Bitcoin selling will stop once BTC reaches $130K

Hunter Horsley is the CEO of Bitwise and believes that Bitcoin’s sell-pressure will disappear once it reaches $130,000. 

“I think once Bitcoin breaks through, e.g., $130-150k, no one is going to sell their Bitcoin,” Bitwise CEO Hunter Horsley told X post On Wednesday, 

Mike Novogratz, founder of Galaxy Digital said recently that the price range could be possible in this year. He cited strong institutional flows. growing demand for digital assets.

Bitcoiners that bought bitcoins “very long time ago” Sell

BitcoinBTCThe price of ) has been hovering around the all-time highest levels.

Bitcoin was trading for $108,698 at the time this article was published, just $3,272 short of its all-time record high of $111 970, set on May 22, according CoinMarketCap Data

Horsley stated that the current pressure to sell Bitcoin is mainly coming from buyers who bought Bitcoin early at lower prices, and now choose to profit around the psychologically significant $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 stated. Horsley, however, said that this situation will not last long. “Once Bitcoin breaks new levels, this will peter off,” He said.

Glassnode on-chain analytics company warned that Bitcoin would surpass $100,000 by May 8. “notable increase” Investors over 50 years old are more likely to sell once this threshold is reached.

Horsley predicts that Bitcoiners may find other ways to access 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 Bitbo is a crypto-analytics platform.

Horsley stated that Bitcoin owners who require money in the near future can use it without selling their Bitcoin. 

The industry is talking about a tightening of the Bitcoin supply.

“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.”

Cointelegraph has reported, however, that OTC (over the-counter) desks are showing signs of a decline. These OTC desks facilitate off-exchange large trades. signs of tightening supply.

Related: Bitcoin price prepares for volatility as spot supply vanishes 

Michael Saylor of Strategy recently shared a similar opinion. Saylor reported on June 10 that Bitcoin miners are selling approximately 450 Bitcoins per day, which is equivalent to about $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 contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.