Bitwise CEO Predicts Shift in Bitcoin Investor Behavior After Certain Price Threshold

Bitwise CEO, Hunter Horsley, predicts a change in market behavior for Bitcoin once the cryptocurrency surpasses the $130,000 to $150,000 threshold. Currently, Bitcoin is hovering around $100,000 with long-term holders selling portions of their accumulated holdings. Horsley suggests this trend will change with holders more likely to borrow against their Bitcoin as it reaches new all-time high values, subsequently tightening supply and pushing prices higher.

The CEO anticipates a future scenario of rising demand and limited sell-side pressure driving upward momentum. Concurrently, Bitcoin's recovery has sparked a surge in bullish sentiment among retail investors, while analysts warn that this rising enthusiasm could signal a market top. With daily profits nearing $930 million, long-term holders and 'whales' continue their accumulation, betting on higher prices amidst rising US debt ceiling tensions.