It's fascinating to learn from cryptocurrency experts like Charles Edwards, who founded Capriole Investments. He gives valuable insights about the cryptocurrency market. Edwards recently explained why Bitcoin hasn't reached $100,000 yet and what might make its price go up soon.
One main reason for Bitcoin not reaching $100,000 is that people who have held Bitcoin for a long time are selling it. The number of wallets containing Bitcoin for over two years has decreased from 57% in December 2023 to 54% now, showing that long-term holders are selling, which is pushing the price down.
Edwards also talked about how the recent halving of Bitcoin's block rewards hasn't yet fully affected the market. Less Bitcoin is being created daily since the fourth block reward halving in April, causing a supply shortage. Edwards thinks this imbalance between supply and demand will become more obvious in the next few months.
The slow process for financial institutions to decide on how to invest in Bitcoin is another reason the price surge is taking longer than expected. Spot ETFs, which are significant buyers of Bitcoin, show that cryptocurrencies are gradually becoming a part of the traditional financial world.
Edwards mentioned three factors important for a strong rise in Bitcoin's price: continued demand from ETFs, less selling from long-term holders leading to less supply, and more money flowing into Bitcoin in the US market.
These factors, along with other changes in the cryptocurrency world, will likely decide where Bitcoin's price is headed in the future. Keeping track of expert opinions like those of Charles Edwards can help navigate the volatile Cryptocurrency Exchange market.
One main reason for Bitcoin not reaching $100,000 is that people who have held Bitcoin for a long time are selling it. The number of wallets containing Bitcoin for over two years has decreased from 57% in December 2023 to 54% now, showing that long-term holders are selling, which is pushing the price down.
Edwards also talked about how the recent halving of Bitcoin's block rewards hasn't yet fully affected the market. Less Bitcoin is being created daily since the fourth block reward halving in April, causing a supply shortage. Edwards thinks this imbalance between supply and demand will become more obvious in the next few months.
The slow process for financial institutions to decide on how to invest in Bitcoin is another reason the price surge is taking longer than expected. Spot ETFs, which are significant buyers of Bitcoin, show that cryptocurrencies are gradually becoming a part of the traditional financial world.
Edwards mentioned three factors important for a strong rise in Bitcoin's price: continued demand from ETFs, less selling from long-term holders leading to less supply, and more money flowing into Bitcoin in the US market.
These factors, along with other changes in the cryptocurrency world, will likely decide where Bitcoin's price is headed in the future. Keeping track of expert opinions like those of Charles Edwards can help navigate the volatile Cryptocurrency Exchange market.
