Key Points
- A Bitcoin whale known as “Mr. 100” has made a significant purchase, marking his first since the Bitcoin halving.
- Market analysts suggest that the recent bounce back from $56,000 could signify the local bottom for Bitcoin.
The Bitcoin whale known as “Mr. 100” has made his first purchase of Bitcoin (BTC) since the halving event. This coincides with market analysts suggesting that Bitcoin may have reached its local bottom as its price recovers from a low of $56,000.
First Major Purchase Since Halving
The “Mr. 100” whale wallet recently added 2,500 BTC, valued at over $147 million, around the $58,000 mark. This is the first major Bitcoin purchase from this wallet since April 19, the day before the Bitcoin halving event in 2024.
This particular whale wallet has been consistently receiving Bitcoin since November 2022, following the collapse of the FTX exchange. The wallet has been adding a minimum of 100 BTC nearly every day since February 14, with the exception of the post-halving period.
Currently, “Mr. 100” ranks as the 12th largest Bitcoin holder, owning over 61,053 BTC. The wallet has an unrealized profit of $1.3 billion, marking a 33% increase on its all-time Bitcoin holdings, with an average purchase price of $35,587 per BTC. The current value of the wallet exceeds $3.57 billion.
Bitcoin Price Bottom Predicted
The current price correction of Bitcoin is the longest and deepest retracement of the current cycle. Popular Bitcoin analyst, Rekt Capital, suggests that a downside of close to 20% typically presents a great buying opportunity before price reversals towards the upside. Therefore, a deeper downside may indicate a nearing bottom in Bitcoin’s price action.
While further downside seems unlikely, Bitcoin’s price could consolidate over the next two months due to the challenging macroeconomic environment. Jag Kooner, head of derivatives at Bitfinex, suggests that we might see a 1-2 month consolidation in Bitcoin prices, with swings of $10,000 on either side.
On the weekly chart, the $52,000 mark is the “most important level” as it acts as a high timeframe support-resistance level. A weekly close above this mark would suggest more upside is likely.
The “Mr. 100” address has been confirmed to belong to the Upbit exchange, according to wallet forensics analysis from Crystal Intelligence. All 14 secondary wallet addresses associated with “Mr. 100” have passed Know Your Customer verification on the Upbit exchange.
