Insightful Thread on Bitcoin’s Price Outlook by Capriole Investments Founder
On 7 June 2024, Charles Edwards, founder of Capriole Investments, took to social media to share his thoughts on Bitcoin’s current state and future price prospects.
Charles Edwards: A Notable Figure in Cryptocurrency
• Known for technical analysis and investment strategies
• Founder of Capriole Investments, a digital asset hedge fund
• Focuses on outperforming Bitcoin through quantitative strategies
Edwards questioned why Bitcoin had not yet reached $100,000, despite significant institutional activity. He noted that US-listed spot Bitcoin ETFs acquired 200% of Bitcoin mined since their launch on January 11. Although Bitcoin’s price increased by 50% to $71,000, many anticipated more substantial gains.
Influence of Long-Term Holders on Bitcoin’s Price
• Share of Bitcoin held by long-term holders decreased from 57% to 54%
• Selling pressure from seasoned holders counteracts new institutional investments
Edwards mentioned the impact of the recent Bitcoin Halving in April, which reduced daily issuance by 50%. This reduction means fewer new Bitcoins are entering circulation, leading to a potential supply squeeze and significant price movements in the future.
Key Factors Driving Bitcoin’s Price Appreciation
• Increased daily buying by ETFs
• Reduced selling by long-term holders
• Growth in US liquidity
Edwards emphasized the importance of meeting at least one of these conditions for substantial price growth. He expressed optimism that these factors would align in the coming months, potentially driving Bitcoin’s price upwards.
As of now, Bitcoin is trading at around $71,027, showing a 69.13% increase since the beginning of the year.
Hot Take: Bitcoin’s Future Movement
Charles Edwards’ insights point towards potential future price appreciation for Bitcoin. With key factors aligning, there is optimism for significant upward momentum in the coming months.
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