Bitcoin Sell Pressure to Vanish Above $130K, Says Bitwise CEO

Bitcoin is showing signs of strong resilience as it trades just below its all-time high, and according to Bitwise CEO Hunter Horsley, the ongoing sell pressure may soon disappear entirely. 

Horsley believes that once BTC crosses the $130,000 to $150,000 range, investors will stop selling altogether, ushering in a new phase of price discovery. “I think once Bitcoin breaks through, e.g., $130-150k, no one is going to sell their Bitcoin,” Horsley said in a recent X post.

At the time of writing, BTC is trading at $107,750. While the market appears to be consolidating at these levels, analysts point out that most of the selling comes from early adopters locking in profits after years of holding.

Bitcoin Old Holders Are Selling, But Not for Long

Horsley explained that the current wave of sell pressure is largely driven by long-term holders who acquired Bitcoin at extremely low prices years ago. These early investors are now taking advantage of the psychological milestone of $100,000 to cash out. Onchain data supports this, with firms like Glassnode previously warning of a surge in selling behavior from older wallets once Bitcoin hit six figures.

However, Horsley emphasized that this phase is temporary. “Once Bitcoin breaks new levels, this will peter off,” he noted, predicting that sell pressure will fade as the asset continues to climb. 

Galaxy Digital’s Mike Novogratz also sees a price range of $130K–$150K as realistic for 2025, citing increasing institutional inflows and broader adoption of digital assets.

Lending Over Selling

As Bitcoin matures and prices climb, investors are exploring new ways to access liquidity without selling their coins. Horsley highlighted this shift, explaining that long-term holders are increasingly turning to crypto lending platforms. 

“When people need liquidity, they are going to borrow from an ever-growing set of lenders,” he said, pointing out that such behavior will further restrict supply and push prices higher.

This supply squeeze is already visible. OTC desks are reporting a tightening of available Bitcoin, and Strategy’s Michael Saylor recently noted that only around 450 new BTC are mined daily — roughly $50 million worth. 

“It only takes $50 million to turn the entire driveshaft of the crypto economy,” Saylor remarked, stressing how minimal buying pressure can now create outsized price movements.