Bitcoin (BTC) sell pressure will evaporate once it crosses the $130,000 mark, according to Bitwise CEO Hunter Horsley.

Bitcoin (BTC) is currently hovering sideways around its all-time highs. At the time of publication, Bitcoin is trading at $108,698, just $3,272 shy of its May 22 all-time high of $111,970

Bitcoin (BTC) sell pressure will have evaporated once it crosses the $130,000 mark, according to Bitwise CEO Hunter Horsley.

“I think once Bitcoin breaks through e.g., $130-150k, no one is going to sell their Bitcoin,” Horsley said in an X post on Wednesday.suggesting that the strong sell pressure at the $100,000 level will disappear as the cryptocurrency continues to rise.

I think once Bitcoin breaks through e.g., $130-150k, no one is going to sell their Bitcoin.

Right now at $100k, it seems individuals who hold a lot of Bitcoin that was bought a very long time ago at very low prices are selling some.

This will peter off once Bitcoin breaks new levels.

— Hunter Horsley (@Hunter_Horsley) August 9, 2024

Galaxy Digital founder Mike Novogratz recently said the price range is possible this year, citing strong institutional flows and growing demand for digital assets.

Bitcoin is currently hovering around its all-time highs, with a slight decrease observed over the last 24 hours.

At the time of publication, Bitcoin is trading at $108,698, just $3,272 shy of its May 22 all-time high of $111,970, according to CoinMarketCap data.

Horsley said that the current sell pressure mainly comes from early buyers who acquired Bitcoin at much lower prices and are now choosing to take profits around the psychologically important $100,000 level.

“Right now at $100k, it seems individuals who hold a lot of Bitcoin that was bought a very long time ago at very low prices are selling some,” Horsley said. However, Horsley said this will be short-lived. “Once Bitcoin breaks new levels, this will peter off,” he said.

Even before Bitcoin crossed over $100,000 on May 8, onchain analytics firm Glassnode warned of a “notable increase” in older investors selling once that level was reached.

Horsley says Bitcoiners will find alternative ways of accessing liquidity

The average Bitcoin long-term Bitcoin holder — those who have held for more than 155 days — is currently up around 215%, with an average purchase price of $34,414, according to crypto analytics platform Bitbo.

While the profit margin is large now, Horsley said that Bitcoin holders who need money in the future will find other ways to use their Bitcoin without selling it.

“And from there on, when people need liquidity, they are going to borrow from an ever-growing set of lenders.”

Meanwhile, Cointelegraph recently reported that OTC (over-the-counter) desks, which facilitate large, off-exchange trades, are showing signs of tightening supply.

Related: Bitcoin price prepares for volatility as spot supply vanishes

Strategy’s Michael Saylor recently echoed a similar sentiment. On June 10, Saylor noted that approximately 450 Bitcoin are available for sale each day by Bitcoin miners, amounting to roughly $50 million at its current price.

“If that $50 million is bought, then the price has got to move up,” Saylor said.

“At the current price level, it only takes $50 million to turn the entire driveshaft of the crypto economy in one turn,” Saylor added.