A Bitcoin whale entity nicknamed “Mr.” 100” bought Bitcoin (BTC) dips for the first time since the Bitcoin halving. Meanwhile, several market analysts suggest that a local Bitcoin bottom could be forming as the price rebounds from the $56,000 low.
2,500 BTC added for first time since Bitcoin halving
According to X on May 2, Mr. The 100 Whales wallet added 2,500 BTC worth $147 million, or about $58,000. post Provided by HODL15Capital.
This represents the wallet’s first Bitcoin purchase since April 19, the day before the Bitcoin halving in 2024.
The whale address has been receiving BTC continuously since November 2022, when the FTX exchange collapsed. The wallet has been adding at least 100 BTC almost every day since February 14th, excluding the period following the halving.
According to Bitinfocharts data, Mr. 100 is currently the 12th largest Bitcoin holder with over 61,053 BTC.
This address has unrealized profits of $1.3 billion, a 33% increase over its all-time Bitcoin holdings, and its average purchase price is $35,587 per BTC. The current value of the wallet is over $3.57 billion.
Related: Cryptocurrency to Reach 1 Billion Users by the End of 2025 — Analyst
Bitcoin price could hit bottom.
Bitcoin’s current correction is the longest and deepest retracement in the current cycle, according to popular Bitcoin analyst Rekt Capital. He said in a May 2 video analysis:
“Anytime we get close to a 20% decline, this is usually a fantastic buying opportunity before the price reverses to the upside. So if it’s deeper than 20%, it’s a much better opportunity than this cycle. Because the deeper you go, the closer you are to the bottom of Bitcoin price action.”
Analysts do not expect further downside action for Bitcoin based on past chart patterns.
According to Jag Kooner, Head of Derivatives at Bitfinex, a decline in BTC price is unlikely, but the difficult macroeconomic environment could lead to consolidation over the next two months. He told Cointelegraph:
“We have seen the Bitcoin price consolidate for a month or two, trading within a $10,000 range on either side. We expect to see the positive impact of the halving, which reduced Bitcoin supply, in the coming months. At this point, the economy is expected to perform better by achieving a soft landing and avoiding a recession, providing additional stimulus to crypto assets.”
On the weekly chart, the $52,000 mark acts as the “most important level” to watch because it is a high-period support-resistance level.
A weekly close above $52,000 suggests there could be more upside, according to X. post This article is written by cryptocurrency trader Marco Johanning.
Related: Hong Kong Bitcoin ETF is not strong enough to absorb selling pressure from US ETFs.
100 confirmed with Upbit Cold Wallet: Crystal Intelligence
Cointelegraph previously reported that “Mr. According to Crystal Intelligence’s wallet forensic analysis, the 100” address belongs to the Upbit exchange.
The blockchain intelligence company told Cointelegraph:
“We found that the number and value of transactions associated with these wallets were indicative of VASP-type services. Additionally, we can confirm with a high degree of accuracy that incoming transactions originate from Upbit and have maintained a consistent value since the FTX collapse.”
All 14 secondary wallet addresses linked to Mr. 100’s main wallet have passed Upbit Exchange’s Know Your Customer certification. wrote In response to X on March 15, anonymous on-chain detective Mai responded:
“Mr.100 uses a small wallet address to purchase $BTC. I think this is very similar to what Upbit does with altcoins in general (ETH network). “If you track Upbit’s cash flow, you will see a coincidence,” he said.
Related: Bitcoin is down more than 20% from its all-time high. Is BTC Price Heading To $50,000?
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.