As a seasoned researcher with over two decades of experience in the financial markets, I find myself intrigued by Charles Edwards’ analysis of Bitcoin’s failed attempt to breach the $100,000 mark. His perspective on the role of supply saturation and the psychological resistance of “nocoiners” is insightful, especially considering his deep understanding of market dynamics.
On the popular social media platform known as Twitter (or X platform by 2023), Charles Edwards – a cryptocurrency analyst and Capriole Investments fund founder – recently expressed his thoughts about the elusive $100,000 threshold that Bitcoin has yet to surpass.
Edwards offered an explanation as to why he thinks Bitcoin’s premier version failed to surpass $100,000 in value.
“We will be back” at $100,000: Charles Edwards
Last week, Edwards noted the significant 20% drop in MicroStrategy’s stock, which occurred just one day after Citron Research announced they were shorting MSTR. The analyst cautioned this was a potential warning sign. He also pointed out “supply saturation,” indicating a large volume of shares being sold now as Bitcoin almost hit the $100,000 mark.
Edwards noted that a significant “sell barrier” of $100,000 has appeared in the market, which is unprecedentedly large. He anticipates that Bitcoin will once more reach this level, but he cautions that it may take some time. Furthermore, Edwards suggests that at present, the mindset of those who have not invested in Bitcoin (nocoiners) might not be prepared for a six-figure Bitcoin price.
According to Charles Edwards, once Bitcoin surpasses the $100,000 barrier with substantial effort, he predicts that another $100,000 increase could occur within a few short weeks.
1-Day decline of MSTR by 20% served as a warning signal. Locally, supply became oversaturated when we came across the largest Bitcoin sell wall yet at $100K. We’ll reappear, but some time is essential. The mindset of non-investors isn’t prepared for six-figure Bitcoin. Once $100K is seized with determination, the subsequent $100K…
— Charles Edwards (@caprioleio) November 26, 2024
According to Adam Back, the founder and CEO of Blockstream who’s often considered a leading contender for Satoshi Nakamoto, he believes that if the current market conditions were suitable for Bitcoin to reach $100,000, its value would be significantly higher than its current level.
Bitcoin stages sharp decline
In the last 24 hours, Bitcoin, currently the most valuable cryptocurrency, has declined approximately 7%. This drop caused its value to move from around $98,970 and fall below the $92,000 mark. Just four days ago, Bitcoin achieved a new record high of $99,655.
It was anticipated that Bitcoin would surge beyond $100,000 either on the same day or shortly thereafter, with Robert Kiyosaki, a well-known investor and writer of the bestselling financial management book “Rich Dad Poor Dad,” among those making this prediction.
This week, the same expert tweeted that it’s possible Bitcoin could hit $500,000 by 2025. Interestingly, Kiyosaki based this prediction on data provided by AI technology. But hold on to your hats! Kiyosaki made an even bigger Bitcoin price prediction earlier this month. He agreed with Michael Saylor’s statement that in a decade, Bitcoin could trade at an astounding $13 million per coin!
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2024-11-26 18:31