🚀 Crypto Bitcoin Whales Snap Up Over 40,000 BTC as Asset Flirts with $100,000

[Undefeated_Lamba]

Bitcoin (BTC) traded quietly on Sunday, following a brief pause over the weekend after an explosive week that saw its price soar to a new all-time high of $99,655 on Friday.

Notably, this surge has propelled Bitcoin’s market capitalization to an impressive $1.9 trillion, positioning it alongside tech giants like Google. As the leading cryptocurrency extends its rally, it draws growing interest from large investors.

According to renowned crypto analyst Ali Martinez, whales have invested nearly $4 billion in Bitcoin over the past four days, betting that its price could soar well beyond $100,000.

“Bitcoin whales have bought over 40,000 BTC in the last 96 hours, worth around $3.96 billion,” he tweeted Saturday.

Martinez pointed out that 65,000 BTC, worth around $6.37 billion, had been withdrawn from exchanges in the same timeframe. This sharp withdrawal trend further underscores the growing confidence in Bitcoin’s future as investors opt to hold rather than trade.

That said, several key factors are driving Bitcoin’s impressive rise, with analysts highlighting catalysts such as the recent Federal Reserve’s interest rate cuts, increasing institutional investments through Bitcoin exchange-traded funds (ETFs), and ongoing purchases by major players like MicroStrategy.

However, despite Bitcoin’s strong ascent, concerns about a potential market correction are mounting. Analyst Ali Martinez cautioned that the TD Sequential indicator had issued a sell signal on the 12-hour Bitcoin chart, suggesting a possible price pullback to $91,583 or even $85,610. To invalidate this bearish signal, he, however, noted that Bitcoin must close above $100,535.

Elsewhere, CryptoQuant, a leading on-chain analytics firm, also identified several critical indicators that suggest a local market peak could be formed. These include the MVRV ratio exceeding 3.7, which historically has marked market tops, and the Fear & Greed Index pushing beyond 80, a threshold that typically precedes price pullbacks. The index indicator has surged to 80 points, signaling “extreme greed” in the market.

Meanwhile, Glassnode founders “Negentropic” offered a cautionary note, observing that while Bitcoin is knocking on the $100K door could prompt significant profit-taking.

“Beware—$100K could trigger major profit-taking. So far, the sell-offs haven’t been as intense as in March, when Bitcoin hit its $73K all-time high, or during the $70K retest in late May. If we see a sharp uptick in profit-taking indicators, a price correction becomes more likely.” They tweeted.

Nevertheless, Bitcoin’s overall outlook remains positive. Charles Edwards, founder of Capriole Fund and CEO, predicted that Bitcoin would have a parabolic run after surpassing $100,000. Experts from Bernstein also foresaw Bitcoin reaching $200,000 by 2025, driven by increasing institutional interest.

Meanwhile, CryptoQuant’s CEO, Ki Yoon Joo, suggested a more conservative price target of $141,000 in this market cycle, tweeting on Sunday that the “Bitcoin market seems too early to call a bubble.”

At press time, BTC was trading at $96,096, reflecting a modest drop of 2.55% over the past 24 hours.