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Crypto analyst and founder of the Capriole Investments fund Charles Edwards has taken to the X social media platform to share his take on why the world’sCharles Edwards published a thread on X to share the reasons which he believes to stand between Bitcoin and the much-anticipated $100,000 price mark at the moment.
First of all, Edwards shared, “we are battling against a bigger force – long-term holder selling.” According to his tweet, the number of long-term Bitcoin-holding wallets has declined from the 57% all-time high reached in December 2023 to 54% today. Even though this is just a 3% drop and it may not look impressive, still, this comprises 630,000 BTC, which is also 300% of the total BTC supply that the Bitcoin ETFs have bought in the US since January.
The second reason shared by the analyst is that the market has not yet seen the true impact of the halving so far. In April, when the event took place, Bitcoin daily issuance plunged by 50%. Edwards believes that over the next year the delta between the ETFs purchasing Bitcoin and the BTC that is being mined will grow much wider.
Overall, Edwards named three drivers he believes are necessary for Bitcoin to begin rising sharply. Those are higher average daily ETF buying, lower long-term holder selling, and growth in US liquidity.Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
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