Zinger Key Points
- Bitcoin whale who made $1 billion in the prior cycle has now purchased $395 million in the recent market drop.
- The Bitcoin top target for this cycle is $106,000, while the less conservative target is $161,000, according to a trader.
A Bitcoin BTC/USD investor that has previously made a $1 billion profit purchased almost $400 million of Bitcoin, on-chain data shows.
What Happened: Lookonchain data shows a whale purchasing around $395 million worth of Bitcoin during the recent market slump. This is not the first time this investor has made such a move, as the same whale bought around 41,000 BTC, equivalent to $794 million, during the 2022 bear market at an average price of around $19,000.
The investor then sold 37,000 BTC, valued at $1.74 billion, at an average price of $46,800 during the bull markets of 2023 and 2024, making a profit of over $1 billion. The tweet highlighted that most of these sales occurred at price highs. The recent purchase marks the whale's first Bitcoin acquisition in 1.5 years.
Why It Matters: The recent purchase by the whale indicates that the investor may anticipate another upswing in the market, providing a potential signal to other investors. IntoTheBlock data notes exchanges’ netflows increasing by 432.2%, with 92% of Bitcoin holders in profit.
Crypto trader Jelle predicted that Bitcoin is eyeing a reclaim of $66,000 for confirmation of strength.
Bitcoin Technical analyst CryptoCon stated that the .618 level has been reliable for all previous Bitcoin cycle tops, indicating potential targets at $106,000 and $161,000.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: GameStop Could Start ‘Biggest Bitcoin Adoption Story Of The Year’ With This Move, Trader Suggests
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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