Foreign media: Charles Edwards, founder of Capriole Investments, argued that Bitcoin had clearly rebounded after an early recovery of about $5 billion, but that the next stage would depend on the continuation of US policy, the Fed’s path, and the institutional buyout.

He indicated that the current market structure remained strong, provided that prices remained above $700,000. If this position is lost, the short-line movement may be weaker; the more important support is around $60,000.

$70,000 remains critical

Edwards mentioned that Bitcoin had previously breached two important points: $65,000 and $70,000. For many, holding on to $70 million means that the current upward trend is continuing, while the proximity of $71,000 is seen as a further confirmation of strong observation positions.

According to him, if the price fell again below $70,000, the pace of the market might slow and the upper structure of the current stage would be affected.

ETF buys are still providing support

At the same time, he noted that institutional demand remained an important source of support for the current market, especially for the continued absorption of new and additional supplies by spot ETF.

  • Institutional buyout is said to be equivalent to about 160% of miners ' day output
  • The main source of demand is the bitcoin spot ETF
  • Sustained net inflow helps to buffer out.

This means that as long as ETF funds remain active, the market ' s capacity to absorb the new bitcoin supply will not be too weak.

The Fed and the new catalytic factors remain to be observed.

According to Edwards, the Fed remains one of the important external factors in determining whether Bitcoin can go further. At current market prices, interest rates are expected to rise at least once this year. Inflation, oil prices and the situation in Iran may influence this judgement.

He anticipated that bitcoin would have the opportunity to advance to the region of $90,000 and test the vicinity of $100,000, but without new catalysts, the market would not have been able to quickly refresh its historical highs.

In his view, potential catalysts included the official purchase of bitcoin by the United States Government, major actions related to the United States Treasury General Account, or a clearer two-year plan by the developer of bitcoin to address quantum calculation risks.

It's more about income and currency.

In addition to bitcoin, Edwards is also following up on some of the opportunities. He named HYPE of Hyperliquid for reasons including a token mechanism, income growth and daily buy-back arrangements.

He also mentioned that Ether's, Ethena and Zcash were also in line with the current observation framework, and that some of the tokens were rising from critical support positions. However, he did not think that the current round market would simply replicate the rhythm of 2017 or 2020.

Additional information:Edwards' judgement stems from his statement in an interview with John Gillen, and the original references to AI-driven attacks, quantum risk and DeFi loopholes remain important concerns in his screening of the Yamashita currency project.