Charles Edwards, cryptocurrency analyst and founder of the Capriole Investments fund, has taken to his account on the X social media platform (widely famous as Twitter until 2023) to share his take on the much-anticipated $100,000 level, which Bitcoin has failed to reach so far.
Edwards has shared a reason which, he believes, prevented the world’s flagship cryptocurrency from breaking above $100,000.
“We will be back” at $100,000: Charles Edwards
Edwards commented on the sharp 20% fall of MicroStrategy stock a week ago — within a single day after Citron Research announced shorting MSTR. The analyst commented that this was “the warning sign.” He mentioned “supply saturation,” referring to a massive amount being sold now, once BTC almost reached the $100,000 level.
Edwards pointed out that at $100,000, there is “the biggest sell wall ever” that the market has suddenly encountered. Bitcoin will again approach it, he said, but it will take time. Besides, Edwards believes that at the moment: “The nocoiner mind isn’t ready for 6 figure Bitcoin.”
As soon as Bitcoin breaks above the $100,000 mark with significant effort, “the next $100K will happen in weeks,” Charles Edwards wrote.
MSTR nuking 20% in one day was the warning sign. Supply saturation locally as we encountered the biggest Bitcoin sell wall ever at 100K. We will be back, but some time is needed. The nocoiner mind isn’t ready for 6 figure Bitcoin. Once $100K is taken with strength, the next $100K…
— Charles Edwards (@caprioleio) November 26, 2024
The founder and CEO of Blockstream, Bitcoin cypherpunk Adam Back (the most famous Satoshi Nakamoto candidate), has also expressed an opinion that if the market was ready for Bitcoin to hit $100,000, the price would be much higher than it is now.
Bitcoin stages sharp decline
Over the past day, the largest cryptocurrency in terms of market capitalization size has lost roughly 7%, dropping from the $98,970 zone to the area under the $92,000 level. Four days ago, Bitcoin reached a new all-time high, hitting $99,655.
Bitcoin was expected to soar above $100,000 on the same day or, if not, then very soon anyway. Among those who predicted that was Robert Kiyosaki, renowned investor and the author of popular book on finance management called “Rich Dad Poor Dad.”
A tweet that the same expert published earlier this week predicted that in 2025, Bitcoin is likely to reach $500,000. However, Kiyosaki referred to data shared by artificial intelligence. That was not his biggest BTC price prediction. Earlier this month, Kiyosaki said he agrees with Michael Saylor’s prediction that in ten years Bitcoin will trade at $13 million per coin.
