Richard Byworth: The next round of Bitcoin's rise is just a matter of time, as sellers run out at record levels

Richard Byworth previously worked at Syz Capital, focusing his career on hedge fund structure design. In an interview with Bitcoin Magazine, he stated that the next round of Bitcoin price increases is just a matter of time. He pointed out that, according to data from on-chain analysis platforms like Glassnode, the current level of seller exhaustion has reached a historical high. Although the market does not exhibit an extreme bearish atmosphere, multiple on-chain indicators show that Bitcoin is strongly bottoming out. He mentioned that Bitcoin has been trading in the range just above $80,000 in recent weeks, and he believed that $58,000 was a bottom.

Byworth also discussed Bitcoin yield strategies. He warned that using a covered call strategy during a bullish market could lead to significant losses in Bitcoin for investors, advocating for low-volatility, market-neutral returns through basis trading collateralized by Bitcoin. He noted that Strive had bought three times the weekly issuance of Bitcoin in a single transaction within a week, believing that the next round of increases is just a matter of time.

Regarding Bitcoin treasury companies, Byworth stated that the digital credit products designed by Saylor are putting pressure on the traditional bond market, as the yield on 10-year U.S. Treasury bonds is around 5.1% to 5.2%, and investors will see their returns eroded by the faster pace of currency devaluation. He mentioned followers like Strive and Metaplanet, and believes that Bitcoin could break its historical high again before the end of the year, with reaching $350,000 in about a year not entirely impossible.