Bitwise CEO Predicts Bitcoin Sell-Off Slowdown at $130K-$150K—Here’s Why

Bitcoin’s wild ride isn’t over yet—but the brakes might soon hit. According to Bitwise CEO Hunter Horsley, BTC’s sell-off pressure will ease once it cracks the $130K-$150K range. Here’s the breakdown.

The psychology of profit-taking

At six figures, even diamond hands get itchy. Horsley argues that once early buyers lock in life-changing gains, the selling frenzy cools. No more panic—just steady hands and institutional FOMO.

Institutions: the new bagholders?

Wall Street’s latecomers will likely prop up prices post-$150K, desperate to justify their ‘digital gold’ PowerPoints. Meanwhile, retail traders will be too busy buying Lambos to notice the irony.

So buckle up. The real volatility starts when Bitcoin outpaces traditional assets—again—and the suits start calling it a ‘mature market’ with a straight face.

Bitcoin — What’s next in the short term

That said, Bitcoin reversed recent losses and briefly retested $110K earlier in the week. At press time, the asset exchanged hands at $109.5K. 

But Glassnode stated that selling pressure from long-term holders (LTH) spiked to $930 million per day, but was relatively modest compared to past local peaks. 

In its weekly report, the on-chain analytics firm highlighted, 

“This figure rivals the $840M/day realized during the $73K ATH, yet remains well below the $1.64B/day peak seen during the initial breakout above $100K.”

Source: Glassnode

Given these modest offloading from LTH, Glassnode stated that current price levels may be far from triggering a ‘broader-scale distribution.’

On key prices to track, Glassnode marked out $115.4K and $97.6K as near-term resistance and support levels, based on the short-term holder (STH) cost basis model. 

“The $97.6k STH cost basis continues to serve as a pivotal support level necessary for maintaining local bullish momentum. On the upside, the $115.4k zone emerges as the first significant resistance should the market enter price discovery.”

Source: Glassnode

For perspective, the STH realized price of $97.6K meant that most recent buyers acquired BTC around this level.

As such, a price dip below it could trigger a panic sell-off by this cohort. Such a scenario could dent the current bullish set-up. 

That said, Peter Brandt made a contrarian projection, suggesting that current price action mirrored a 2021 double top pattern that led to a 75% drop. In such a hypothetical scenario, BTC WOULD dip from $109K to $27K. 

Source: Peter Brandt/X

But such massive dump may be far-fetched, given that past bear markets BTC plunge eased around the 200-weekly moving average (currently at $48K).