A notable whale has signaled strong conviction in Bitcoin’s long-term ascent, placing a $23.7 million long position targeting a price of $200,000 by the end of the year. This major bet comes amid recent market volatility, where Bitcoin dipped below $115,000, triggering over $130 million in long liquidations.
The price drop below critical support at $114,960 fueled significant market leverage unwinding. However, analysts indicate that despite this flushout, Bitcoin’s fundamental bullish structure remains intact, with the $115,000 level reasserting itself as crucial support for maintaining upside momentum.
Contributing to short-term uncertainty was the activity of a dormant ‘Satoshi-era’ entity, which moved approximately $9.6 billion worth of Bitcoin in a single transaction. While this movement induced volatility, market observers believe it doesn’t threaten the broader positive trend.
Analysis firms like SwissBlock highlight stable underlying risk indicators and the potential for substantial future returns. The consensus among market watchers emphasizes the importance of Bitcoin defending the $115,000 price level. Maintaining this support barrier is viewed as key to preserving bullish sentiment and paving the way for a potential rally towards the $200,000 target.