Top 3 Factors That Will Push Bitcoin To $100,000

In a recent discussion at X, crypto analyst Charles Edwards delved into the reasons behind Bitcoin's failure to break the coveted $100,000 mark.

Although the launch of Spot Bitcoin ETF, the price of BTC remained relatively stagnant, hovering around $71,000 at the time of Edwards' analysis.

One major obstacle identified by Edwards is the prevalence of long-term holders selling their BTC. He highlighted the decline in the number of wallets holding Bitcoin for more than two years, suggesting that those holders were offloading their assets.

This selling pressure from long-term holders has hindered Bitcoin's ability to increase its value exponentially.

Another contributing factor to Bitcoin's performance, according to Edwards, is the delayed impact of the halving event that took place in April. Traditionally, the price of Bitcoin tends to experience an upward momentum after each halving, which reduces the rate at which new BTC are created.

However, Edwards noted that the market has not yet fully absorbed the effects of this halving, potentially slowing Bitcoin price growth in the short term.

Looking ahead, Edwards outline three key factors that could renew Bitcoin's upward trajectory. These include an increase in average daily ETF buying activity, a reduction in selling pressure from long-term holders and a rise in liquidity in the US market. Addressing these factors could pave the way for Bitcoin to resume its climb toward the coveted $100,000 target.