It is with great anticipation that one must consider the fate of Bitcoin, that most curious of currencies, which, according to the esteemed Hunter Horsley, CEO of Bitwise, shall experience a most remarkable transformation upon reaching the illustrious sum of $130,000. Indeed, he posits that once this threshold is crossed, the sell pressure shall dissipate as if it were but a morning mist. 🌫️
“I daresay, once Bitcoin ascends to the heights of $130,000 to $150,000, it is unlikely that any sensible individual would part with their precious Bitcoin,” remarked Mr. Horsley in a recent missive on the platform known as X. Such confidence is echoed by the illustrious Mike Novogratz, founder of Galaxy Digital, who suggests that this price range is not merely a fanciful dream, but a distinct possibility for the current year, bolstered by robust institutional interest and an insatiable appetite for digital assets.
Ah, the Bitcoiners of Yore!
At present, Bitcoin (BTC) finds itself in a state of languid repose, hovering about its all-time highs, much like a cat basking in the sun. As of this very moment, it trades at a respectable $108,698, a mere $3,272 shy of its previous zenith of $111,970, as reported by the ever-reliable CoinMarketCap.
Mr. Horsley elucidates that the current sell pressure is primarily attributed to those early adopters who, having acquired their Bitcoin at a pittance, are now inclined to reap the rewards of their foresight, particularly as the $100,000 mark looms large in the collective psyche. “At this juncture, it appears that those who possess a considerable quantity of Bitcoin, purchased at a time when prices were but a fraction of today’s, are indeed selling some,” he observes. Yet, he assures us that this trend shall be but a fleeting moment in the grand tapestry of Bitcoin’s journey.
Even prior to Bitcoin’s triumphant crossing of the $100,000 threshold on May 8, the analytical minds at Glassnode had forewarned of a “notable increase” in the selling habits of older investors once this milestone was achieved. How very astute! 🧐
Liquidity, the Elusive Lady!
As for the average long-term Bitcoin holder—those who have exhibited remarkable patience by holding their assets for over 155 days—they find themselves in a most enviable position, enjoying a staggering 215% increase, with an average purchase price of $34,414, as per the estimable Bitbo.
A Most Engaging Discourse
“In times of need, individuals shall turn to an ever-expanding array of lenders,” he asserts, “which shall only serve to further elevate the price… for there shall simply not be enough Bitcoin to satisfy the demand.”
“All of which will further propel the price… There’s simply not going to be enough Bitcoin.”
Meanwhile, the astute minds at CryptoMoon have reported that the OTC (over-the-counter) desks, which facilitate those rather discreet large trades, are exhibiting signs of a tightening supply. How intriguing! 🤔
Michael Saylor, a strategist of no small repute, recently echoed this sentiment. On June 10, he noted that approximately 450 Bitcoin are available for sale each day by miners, amounting to a staggering $50 million at current valuations. “If that $50 million is purchased, then the price must inevitably rise,” he declared with a flourish.
“At the current price level, it only takes $50 million to turn the entire driveshaft of the crypto economy in one turn,” he added, with a wink and a nod. How delightfully dramatic! 🎭
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2025-06-12 07:04