Here’s When and How Bitcoin Price Will Hit $100K

Bitcoin ($BTC) has made a strong recovery after the recent $5 billion short squeeze, but Charles Edwards, founder of Capriole Investments in an interview with John Gillen said the next big move for $BTC will depend on what happens with U.S. policy, the Federal Reserve and institutional demand. He remains positioned long, yet sees $70,000 as the level Bitcoin must protect before the bullish outlook can continue.

You Can’t Be Too Bearish, Above $70K

Edwards says Bitcoin has already broken above two important levels, $65,000 and $70,000. For now, staying above $70,000 would keep the market looking bullish, while $71,000 is the next key level to confirm a stronger trend. The bigger support is around $60,000, so falling below $70,000 could weaken the current setup.

Meanwhile, institutional buying is adding more support, with institutions reportedly buying around 160% of the Bitcoin produced by miners each day, mainly through spot ETFs.

We’re Probably Getting Some Hikes This Year

The Federal Reserve remains one of the main factors for Bitcoin. Market pricing currently points to at least one more rate hike this year, according to Edwards.

He expects that view to change depending on inflation, oil prices and the Iran conflict. If financial conditions remain supportive, crypto can continue higher. More Fed tightening could make the path toward $100,000 harder.