According to U.Today, Charles Edwards, a cryptocurrency analyst and founder of Capriole Investments, recently shared insights on Bitcoin's struggle to reach the $100,000 mark. Edwards highlighted a significant factor he believes has hindered Bitcoin's progress: "supply saturation." This term refers to the substantial amount of Bitcoin being sold as it nears the $100,000 level, creating what Edwards describes as the "biggest sell wall ever." He noted that a sharp 20% drop in MicroStrategy's stock, following Citron Research's announcement of shorting MSTR, served as a warning sign of this saturation. Edwards remains optimistic, suggesting that Bitcoin will eventually surpass the $100,000 threshold, but it will require time and market readiness. He emphasized that once Bitcoin breaks through this barrier with strength, the subsequent rise to another $100,000 could occur rapidly.
In addition to Edwards' analysis, Adam Back, founder and CEO of Blockstream, also weighed in on the situation. Back, a prominent figure in the Bitcoin community, expressed that if the market were prepared for Bitcoin to hit $100,000, the price would already be significantly higher. This sentiment reflects a broader market hesitation or lack of readiness for such a milestone.
The recent market activity has seen Bitcoin experience a notable decline. Over the past day, Bitcoin's value dropped approximately 7%, falling from around $98,970 to below $92,000. This decline follows a recent all-time high of $99,655, reached just four days ago. Despite expectations for Bitcoin to surpass $100,000 soon, the market has yet to see this breakthrough. Among those who anticipated this rise was Robert Kiyosaki, a well-known investor and author of "Rich Dad Poor Dad." Kiyosaki recently tweeted that Bitcoin could reach $500,000 by 2025, based on data from artificial intelligence. He also agreed with Michael Saylor's prediction that Bitcoin might trade at $13 million per coin within the next decade.
These insights and predictions highlight the complexities and challenges facing Bitcoin as it approaches the $100,000 mark. While analysts and investors remain hopeful, the market's readiness and the presence of significant sell walls continue to pose obstacles to achieving this milestone.
