Bitcoin Whales Offload 147K BTC: Is a $100K BTC Price Coming Soon?

TLDR

• Bitcoin whales have sold 147,000 BTC in the last month, worth around $16.5 billion.
• The selling began after Bitcoin reached new all-time highs above $124,500 in August.
• Long-term holder whales have been the primary sellers, moving large amounts of BTC.
• Despite the sell-off, Bitcoin treasury companies like Metaplanet and Michael Saylor’s Strategy continue to accumulate BTC.
• Bitcoin’s price has dropped below key support levels, with analysts predicting a potential decline to $100,000.

Bitcoin whales have sold a significant amount of BTC in the last month, affecting the market’s price. Over the past 30 days, these large holders, who typically own 1,000 BTC or more, have offloaded 147,000 BTC. This equals around $16.5 billion at current market prices. Analysts believe that continued selling pressure could drive Bitcoin’s price further down in the coming weeks.

Bitcoin Whales Begin Selling After $124K High

The recent selling spree among Bitcoin whales began shortly after the cryptocurrency hit a new all-time high above $124,500 in August. These whales, who hold substantial amounts of Bitcoin, have been the most active sellers. According to Julio Moreno, head of research at CryptoQuant, Bitcoin’s total supply decreased by 147,000 BTC in the past month.

“The total balance is declining at the fastest monthly rate of the cycle,” Moreno commented. Fellow analyst Darkfost also noted that the selling was mainly by long-term holder (LTH) whales. These LTHs have been moving their coins steadily since early September, with each transfer ranging from 8,000 to 9,000 BTC.

Market Impact and Selling Pressure on Bitcoin

Darkfost added that the sales from long-term holders translate into substantial market pressure. Based on an average of 8,500 BTC per transaction, this equals approximately $10 billion worth of selling pressure on the market. Despite the high volume of sales, the data from Glassnode suggests that whale transactions to exchanges have been relatively low since late August.

This indicates that Bitcoin may be flowing to other destinations, not just exchanges. Some of the biggest buyers in recent months have been Bitcoin treasury companies. For instance, Metaplanet, based in Japan, added 5,419 BTC to its holdings last week, becoming one of the top holders. Michael Saylor’s Strategy has also been active, purchasing 850 BTC for $99.7 million last week.

$116K Level Breaks; Is $100K Bitcoin Price Possible?

Bitcoin’s price recently dropped below the $116,000 level, confirming a bearish pattern on the daily chart. This technical breakdown suggests a continuation of the downtrend. The bulls lost the support of the 50-day simple moving average (SMA) at $114,300 and the 100-day SMA at $113,400.

Analysts now predict that Bitcoin may find support between $112,000 and $110,000. However, if the price closes below this zone, a deeper correction could push Bitcoin toward $100,000. The relative strength index (RSI) has dropped to 44 from 61, indicating growing downward momentum. The potential drop represents an 11% descent from the current price.

Bitcoin bulls are hoping for a recovery if the price corrects to $106,000. Should buyers enter at this point, Bitcoin may regain its strength.

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