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Bitcoin’s wild price swings may frustrate some investors, but Gryphon Digital Mining CEO Steve Gutterman believes the asset’s underlying strength remains intact.

“Well, I won’t time it,” Gutterman said on Roundtable when asked if Bitcoin would break $100,000. “I would say that 100% agree with you that the fundamentals of Bitcoin are very strong right now.”

Host Rob Nelson quickly pushed back. “I’m just going to take that as a yes. Although you didn’t say it.”

Gutterman, who leads the publicly traded mining company Gryphon Digital Mining (NASDAQ: GRYP), noted that while Bitcoin’s price action is unpredictable, its long-term outlook is increasingly bullish.

In the last seven days, Bitcoin has been fluctuating between $93,000 and $97,000.

Why does Bitcoin hover below key levels?

Bitcoin tends to approach major price milestones — like $100,000 — before pulling back, leading to a cycle of consolidation and sudden surges. Nelson questioned why this happens and whether institutional investors are responsible.

“I think it’s a combination of all the above, right?” Gutterman explained. “Sentiment changes on a minute-to-minute basis, and particularly when you have something like Bitcoin that trades all day, every day, you’re going to see those ebbs and flows.”

Unlike equities, which have set trading hours, Bitcoin operates 24/7, making its volatility feel more extreme for investors who are unfamiliar with the market’s structure.

“There’s that—when the market’s closed, you at least get a little bit of a breather,” Gutterman said. “Whereas in Bitcoin, midnight, something’s happening.”

Retail demand still untapped?

While institutional interest has surged—especially after the launch of spot Bitcoin ETFs — Gutterman suggested that the true impact of retail investors has yet to materialize.

“We haven’t even seen the impact of a strategic reserve of major sovereign wealth funds, but we really haven’t seen the impact of retail, right?” Nelson said.

Gutterman agreed. “Yeah, yeah. Listen, couldn’t have said it better. This is a very exciting time to be in the industries that we talked about, and so we are very excited for the rest of this year and for 25.”