The Bitcoin whale known as “Mr. 100” has made its first purchase since the Bitcoin halving, acquiring the dip in price. Analysts believe that this purchase indicates that the local bottom for Bitcoin may be in, as the price begins to rebound from its lows of $56,000.
According to on-chain data from Bitinfocharts, the Mr. 100 whale wallet has added over 4,100 BTC, equivalent to over $242 million, at around the $58,000 mark. This marks the first time the wallet has made a purchase since April 19, the day before the 2024 Bitcoin halving.
Since the collapse of the FTX exchange in November 2022, the whale address has been consistently receiving BTC. From February 14 onwards, the wallet has been adding at least 100 BTC almost every day, with the exception of the post-halving period.
At present, Mr. 100 is the 12th-largest holder of Bitcoin, with over 65,155 BTC. According to data from Bitinfocharts, the wallet has unrealized profits of $1.4 billion, a 33% increase on its all-time Bitcoin holdings. The average buying price per BTC is $36,572, and the wallet’s current value is over $3.86 billion.
Bitcoin’s current correction is considered to be the longest and deepest retracement of the current cycle, according to Bitcoin analyst Rekt Capital. However, based on historical chart patterns, Rekt Capital does not anticipate much more downside action for Bitcoin.
While further downward movement is unlikely, BTC price may consolidate over the next two months due to the challenging macroeconomic environment, according to Jag Kooner, head of derivatives at Bitfinex. Kooner suggests that the $52,000 mark on the weekly chart is the most important level to watch, as it acts as a high timeframe support-resistance level.
If Bitcoin can close above the $52,000 mark on a weekly basis, it would indicate that more upside is likely, according to crypto trader Marco Johanning.
Wallet forensics analysis from Crystal Intelligence has confirmed that the “Mr. 100” address belongs to the Upbit exchange. All 14 secondary wallet addresses associated with the main wallet of Mr. 100 have passed Know Your Customer verification on Upbit.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.