Bitcoin price can reach $100,000 and remain stable there if $90 million worth of BTC is absorbed every day

According to options trader Theta Seek, for Bitcoin price to reach $ 100,000 and remain stable there, Bitcoin needs to have a consistent accumulation, and investors need to support about $ 90 million worth of Bitcoin every day.

Is the daily investment of $ 90 million in Bitcoin realistic?

Theta estimates an estimated $ 90 million from the total amount of BTC that miners can mine every day. After the 2020 Bitcoin halving event, miners can generate up to 900 BTC per day. If Bitcoin’s price reached $ 100,000, 900 BTC would be equivalent to $ 90 million.

According to ByteTree, miners sold all of the BTC they mined in the past week, potentially covering operational costs. Assuming mining companies regularly sell all the Bitcoin they mine, the assumption that the selling pressure on Bitcoin may reach $ 90 million when BTC hits $ 100,000 is reasonable.

Theta said:

“At 100K per BTC, the market has to absorb a miner supply of $ 90 Million USD daily. Assuming that there are 10 million people worldwide buying BTC regularly. It would cost them each $ 9 daily to sustain those price levels. I’ve met people who spend more than $ 9 on coffee.”

He added:

“Data suggests otherwise though, HODL-ers throughout the past 3 ATHs have not been selling in significant portions. 60% of BTC has not moved for more than two years. Even if that were to be true, the long time supply of BTC would eventually equal the mining (new) supply.”

According to Glassnode, many cryptocurrency traders have been accumulating Bitcoin ever since the price of BTC fell to $ 3,600. In the last eight weeks before Halving, Glassnode researchers pointed out that hodlers have added their positions with expectations of a higher Bitcoin price post-halving.

bitcoin-price-can-reach-100000-and-remain-stable-there-if-90-million-worth-of-btc-is-absorbed-every-day

Hodlers accumulated Bitcoin even more as BTC dropped to $3,600 in March | Source: Glassnode

Factors driving the Bitcoin price to $ 100,000

In addition to investing $ 90 million in daily selling pressure to help maintain $ 100,000, Bitcoin needs to maintain a market capitalization of $ 2.1 trillion, about 25% of the market capitalization of gold. The awareness of Bitcoin as an established store of value must rise, and the activity of the organization, retail, futures, and options will have to reach a new level.

Bitcoin has seen some progress in being recognized as a store of value in recent months. JPMorgan became the first major bank to report opening a cryptocurrency exchange account, and Grayscale witnessed record institutional activity in the first quarter of 2020.

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