Karla Barker 
Bitcoin has recovered from the recent $5 billion short squeeze, but the next leg higher is not guaranteed. Charles Edwards, founder of Capriole Investments, said Bitcoin’s future will depend on U.S. policy, the Federal Reserve, and institutional money. He remains positioned long, but he keeps an eye on $70,000 as the line that must hold.
Support Levels and Institutional Buying
Edwards says Bitcoin has already moved above two important levels at $65,000 and $70,000. Staying above $70,000 keeps the market in a bullish zone. The next confirmation level is around $71,000. Below that, the bigger support sits near $60,000, so a break under $70,000 could weaken the entire setup.
Institutional demand is helping too. Edwards notes that institutions are buying roughly 160% of the daily Bitcoin production from miners, mostly through spot ETFs. That kind of demand can absorb selling pressure, but it may not be enough on its own.
The Fed Still Matters
The Federal Reserve remains a major risk. Market pricing currently points to at least one more rate hike this year, according to Edwards. That could change depending on inflation, oil prices, and the Iran conflict.
If financial conditions stay supportive, crypto can keep moving higher. But more tightening from the Fed would make the road to $100,000 harder and slower.
What Could Trigger a New All-Time High
Edwards sees Bitcoin moving toward the $90,000 range and potentially $100,000, but he does not expect a clear new all-time high without a fresh catalyst. That catalyst could come from the U.S. government officially buying Bitcoin, a major move involving the Treasury General Account, or a clear two-year plan from Bitcoin developers to address quantum computing risks. He thinks even progress on quantum protection could lift prices because it would remove a serious long-term worry.
Altcoins and Risks
On the altcoin side, Edwards is watching Hyperliquid’s token closely. He says the protocol has growing revenue, daily token buybacks, and product development that is moving fast. One interesting feature is the ability to trade U.S. equities without traditional KYC requirements.
He also mentions Ethereum, Ethena, and Zcash as names that fit the broader setup. Many altcoins are recovering from major support levels, but Edwards is not treating this like 2017 or 2020 cycles. AI-driven hacks, quantum risks, and DeFi vulnerabilities remain real concerns. He prefers projects with stronger token economics and actual revenue over coins with heavy unlock pressure.
The overall picture is mixed. Bitcoin has support from institutions and technical levels, but macro conditions and a missing catalyst could keep prices rangebound for a while.