Bitcoin Whales On The Move – Is A $100,000 Price Tag Coming?

Christian Encila

Last Updated: June 21, 2024 5:00 am

3 mins read

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Bitcoin keeps catching the attention of investors and analysts with its price changes and big moves. Recently trading at $65,715, Bitcoin’s small increase of nearly a percent in the last 24 hours has sparked some cautious optimism among crypto fans around the world. This newfound confidence is boosted by big whale activity and positive long-term predictions from top analysts.

Big Investor Buys $395M Worth of Bitcoin

A well-known crypto whale has made headlines by buying 6,070 BTC, worth about $395 million. This is the whale’s first big purchase in over 18 months. Known for smart trading moves, this investor previously bought 41,000 BTC during the 2022 market dip at an average price of $19,000 per BTC.

In a brilliant move, the whale sold 37,000 BTC during the market upswing in 2023 and 2024 at an average price of $46,800, making a huge $1.74 billion in proceeds and over $1 billion in profit. This latest purchase shows the whale’s renewed faith in Bitcoin’s future, hinting at big price movements ahead.

Analysts Predict Bitcoin Could Reach $100,000

Top crypto analysts are very optimistic about Bitcoin’s future, with some predicting it could hit $100,000. Ali Martinez, a respected crypto expert, points out that over 70% of all open Bitcoin positions on Binance are bullish.

70.27% of all accounts in @binance with an open #Bitcoin position are going long! pic.twitter.com/PiGZp0rP58

— Ali (@ali_charts) June 19, 2024

Another analyst, who goes by the name Jelle, notes that Bitcoin has recently hit important support levels, like the 100-day Exponential Moving Average (EMA) and the lower edge of an ascending triangle pattern.

Jelle believes a bounce from these levels could push Bitcoin to $72,000 soon, paving the way for a potential rise to $100,000 in the long run. These predictions are in line with a broader optimistic view, as many believe Bitcoin’s current price is a good buying opportunity.

BTCUSD trading at $64,761 on the daily chart: TradingView.com

More Bullish Signs On The Horizon

Bitcoin’s recent price movement isn’t just drawing in individual investors. More big institutional investors are showing interest, which shows growing confidence in Bitcoin’s value. Large investments from well-known figures and companies signal wider acceptance and integration of Bitcoin into mainstream finance.

Meanwhile, Bitcoin price prediction for July is bullish, indicating a potential 30% rise to over $85,000, according to crypto price tracker CoinCodex. This is despite current technical indicators leaning bearish. This suggests a potential disconnect between market sentiment and price action.

The Fear & Greed Index at 60 (Greed) further highlights this dissonance. While the price has seen nearly half bullish days (47%) over the past month with relatively low volatility (2.29%), underlying technicals may be pointing to a different story. It will be interesting to see if the predicted price increase comes to fruition or if the bearish undercurrents prevail.

Investors are closely watching Bitcoin’s price movements, looking for opportunities that could signal new highs. Although the path to $100,000 is full of uncertainty, the strategic insights from market veterans and increasing institutional interest provide a solid foundation for Bitcoin’s long-term potential.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.