Bitwise CEO Predicts 30% Bitcoin Price Surge to Reduce Sell Pressure

Bitwise Asset Management CEO Hunter Horsley has asserted that once Bitcoin surpasses the $130,000 to $150,000 range, the sell pressure will significantly diminish. Horsley believes that at this price point, the scarcity and value of Bitcoin will become more evident to investors, leading to a shift in market behavior. He predicts that the psychological barrier of $130,000 to $150,000 will act as a tipping point, where the fear of missing out (FOMO) will drive more people to hold onto their Bitcoin rather than sell it. This could potentially lead to a sustained period of price appreciation, as the supply of Bitcoin available for sale decreases.

Horsley's prediction is based on the current market dynamics, where early Bitcoin buyers who acquired the cryptocurrency at much lower prices are now taking profits around the $100,000 level. He notes that this sell pressure is temporary and will subside once Bitcoin breaks new levels. According to Horsley, once Bitcoin surpasses the $130,000 to $150,000 range, the market will see a significant reduction in sell pressure, as holders will be more inclined to keep their Bitcoin due to its perceived value and scarcity.

Horsley also suggests that Bitcoin holders who need liquidity in the future will find alternative ways to access it without selling their Bitcoin. He believes that as the demand for Bitcoin grows, an ever-increasing set of lenders will emerge, allowing holders to borrow against their Bitcoin holdings. This will further propel the price of Bitcoin, as the supply available for sale will continue to tighten.

Horsley's prediction aligns with the views of other industry experts, such as Galaxy Digital founder Mike Novogratz, who recently suggested that the price range of $130,000 to $150,000 is possible this year. Novogratz cited strong institutional flows and growing demand for digital assets as factors contributing to this potential price increase.

The tightening of Bitcoin supply is a topic of discussion among industry experts. OTC desks, which facilitate large, off-exchange trades, are showing signs of tightening supply. Additionally, Michael Saylor of Strategy recently noted that approximately 450 Bitcoin are available for sale each day by Bitcoin miners, amounting to roughly $50 million at its current price. Saylor believes that if this $50 million is bought, the price of Bitcoin will have to move up, as the supply available for sale is limited.