Bitcoin's Next Climb Could Face Less Selling Once It Sails Past $130,000

Bitcoin’s next climb could face less selling once it sails past $130,000, according to comments from Hunter Horsley, CEO of Bitwise.

Hunter Horsley, CEO of Bitwise, noted that most of the selling pressure seen lately is likely coming from people who bought Bitcoin at much lower prices long ago.

According to on-chain analytics firm Glassnode, there was a “notable increase” in old-timer selling activity when BTC hit the $100,000 mark on May 8.

Those gains are real – Bitcoin is currently trading at a 210% loss for coins that have been held for at least 150 days. It’s natural for people to take some profit when they’re in the green.

I think once Bitcoin breaks through eg $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 long time ago at very low prices, are selling some.

That said, once Bitcoin breaks new levels, this…— Hunter Horsley (@HHorsley) June 10, 2025

According to data from crypto analytics platform Bitbo, the average long-term holder price is around $34,415.

At current prices, that’s roughly a 210% profit. Once Bitcoin hits the $130k-150,000 zone, Horsley says profit-taking will slow down. At that point, sellers would be giving up a 3x gain or more. Few will want to do that.

He adds that there will be less selling pressure as Bitcoin climbs higher.

According to Horsley, there’s also less need to sell now with the growth of on-chain borrowing and lending. Holders can use their coins as collateral to draw loans.

That leaves the supply of BTC on exchanges and over the counter desks even tighter, which helps to support higher prices.

Another factor is miner sales. Strategy’s Michael Saylor pointed out on June 10 that miners are moving about 450 BTC per day. At today’s rates, that’s roughly $50 million in sells each day.

If that volume is fully bought up, then Saylor believes prices must move higher. With only 450 coins hitting the market each day, even modest demand can tip the scales.

The $130,000 price target has been discussed by market analysts, who point to strong flows from big institutions as a key factor in the 2024 price surge.

As institutional demand meets a small and consistent supply, the math points toward further gains in the long term.

However, it's worth noting that not all sellers will disappear at new all-time highs.

Newcomers who buy at a high price near a major milestone tend to take profits quickly to avoid potential losses. Moreover, loans against Bitcoin carry the risk of liquidation if prices drop significantly, which could lead to a large sell-off.

Unforeseen macroeconomic moves or regulatory news could also spark unexpected swings in either direction.