Bitcoin, the flagship cryptocurrency, has been struggling to break the much sought after $100k milestone, and the world of cryptocurrency keeps buzzing about the possibility of this landmark price.
Recently, when the founder of Capriole CaprioleCircle Investment gets Charles Edwards, the case for challenges in BTC is presented, pointing to large market dynamics as the key roadblock.
On the X platform, Edwards blames ‘supply saturation’ for Bitcoin’s recent slump. As an example he noted sharp 20% decline in MicroStrategy’s stock last week. Citron Research shorted a corporate BTC juggernaut, MicroStrategy, and the stock plunged.
Robert Kiyosaki and Michael Saylor Predict Bold Bitcoin Future
Edwards described this as ‘the warning sign’ after BTC was pummeled a sell pressure on the way to $100,000. While Edwards called what he labeled the ‘biggest sell wall ever’ at $100,000, he indicated the futures market isn’t quite ready for six figure Bitcoin prices.
But he says he remains hopeful that when BTC breaks through this critical level, another $100,000 rush could come just weeks ahead. Blockstream’s CEO Adam Back echoed Edwards’ sentiment. Adjusted, back contends that if the market is ready for BTC at $100,000, it would achieve that number already.
Even known investor Robert Kysosaki, author of Rich Dad Poor Dad, is yet to surrender on Bitcoin’s long term potential. He just tweeted that BTC might hit $50,000 by 2025 based on artificial intelligence forecasts. He also backed Michael Saylor’s outlandish prediction that BTC could top $13 million per coin in 10 years too.
Bitcoin’s momentum reversed after hitting an all-time high in mid December of $99,655 four days ago falling 7% to trade under $92,000. Although analysts continue to have high optimism, the market shows signs of struggle with dense resistance at $100,000, the investors watching closely events unfold.
Bitcoin’s next move will likely steer the cryptocurrency market’s direction as it runs through these tumultuous waters.
