Bitcoin Sell Pressure Will Disappear Once BTC Hits $130K, Bitwise CEO Says
Bitwise CEO Hunter Horsely says sell pressure on Bitcoin’s price will drop once the leading crypto by market cap reaches $130K per coin. “I think once Bitcoin breaks through, e.g., $130-150k, no one is going to sell their Bitcoin,” he said in a June 11 X post . Bitcoin Sell Volume From Early Buyers “Will Peter Off” Horsely went on to say that the current sell pressure in the market is mainly from investors who bought BTC at much lower prices, and are now looking at the psychological $100K mark as a strategic exit point. The Bitwise CEO added that the pressure from those investors will be short-lived. “Once Bitcoin breaks new levels, this will peter off,” he said, referring to the selling activity. His belief that current sellers are investors who bought in at much lower prices aligns with an earlier observation from on-chain analytics firm Glassnode. Before BTC broke above $100K on May 8, the firm said there was a “notable increase...