As a researcher with experience in cryptocurrency market analysis, I find the recent activity of the Bitcoin whale entity known as “Mr. 100” intriguing. This entity, which is currently the 12th largest Bitcoin holder, has added 2,500 BTC for the first time since the Bitcoin halving in April 2024. The purchase was made around $58,000, representing a significant investment in the cryptocurrency market.
“The cryptocurrency giant known as ‘Mr. 100’ has made the initial purchase of Bitcoin (BTC) dips following the Bitcoin halving. Concurrently, several market experts propose that the current Bitcoin low may have been reached, as the price recovers from its recent slump at $56,000.”
2,500 BTC added for the first time since Bitcoin halving
According to a recent post on HODL15Capital’s blog in May, the cryptocurrency wallet linked to the pseudonymous figure “Mr. 100” has deposited approximately 2,500 Bitcoin, equivalent to over $147 million at the then-$58,000 Bitcoin price point.
The wallet made its initial Bitcoin transaction for purchase on April 18, 2024, a day preceding the Bitcoin halving event that occurred on April 19.
As a crypto investor, I’ve noticed that a specific whale address has been consistently receiving large amounts of Bitcoin since November 2022, following the FTX exchange incident. Since February 14, this wallet has added at least 100 BTC to its balance daily, with only a few exceptions during the post-halving period.
According to Bitinfocharts, Mr. 100 presently ranks as the twelfth-largest Bitcoin holder, holding a substantial amount of approximately 61,053 bitcoins.
This address holds approximately $1.3 billion in potential profits from Bitcoin that have yet to be realized, representing a 33% increase from its historical holdings. With an average purchase price of $35,587 per Bitcoin, the value of this wallet now exceeds $3.57 billion.
Bitcoin price bottom may be in
As a Bitcoin analyst, I’ve observed that the recent correction in Bitcoin’s price represents the longest and most profound decline in value during this market cycle. In my May 2 video analysis, I made this observation.
“Whenever we’d get close to a 20% downside, that was typically a fantastic buying opportunity before price reversals towards the upside. So if we’re deeper than 20%, it is an even better opportunity than we had this cycle, because the deeper we go the closer we get to a bottoming in Bitcoin’s price action.”
Based on past price trends in Bitcoin’s charts, the analyst does not anticipate significant further declines.
According to Jag Kooner, the head of derivatives at Bitfinex, it’s uncertain that Bitcoin’s price will decrease further, but there’s a possibility it may stabilize for the next two months because of the tough economic conditions outside the crypto market. (Source: CryptoMoon)
“We could see a 1-2 month consolidation in Bitcoin prices, trading in a range with swings of $10,000 on either side. We expect the positive impact of the halving, which has brought about a reduction in Bitcoin supply, will be seen in later months. At this point, the economy is also expected to be performing better, having achieved a soft landing and avoiding a recession, providing further impetus to crypto assets.”
As a researcher studying the financial market trends, I would emphasize that the $52,000 mark holds significant importance on the weekly chart due to its designation as a high timeframe (HTF) support-resistance level.
According to a post by crypto trader Marco Johanning on X, reaching a weekly closing price above $52,000 indicates that further price growth may be on the horizon.
Mr.100 confirmed as Upbit cold wallet: Crystal Intelligence
Previously, it has been verified by CryptoMoon that the “Mr.100” cryptocurrency address is associated with Upbit exchange. This confirmation was made through detailed wallet investigation conducted by Crystal Intelligence.
The blockchain intelligence firm told CryptoMoon:
“We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service. Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX.”
In a recent post on March 15, the anonymous on-chain investigator Mai revealed that the fourteen secondary wallet addresses linked to Mr. 100’s main wallet have all undergone Know Your Customer (KYC) verification process at Upbit exchange.
“Mr.100 uses a small wallet address to buy $BTC. I find it very similar to what Upbit usually does with altcoins (ETH network). If we follow Upbit’s cash flow, we will see the coincidence.”
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- STG PREDICTION. STG cryptocurrency
- USD HKD PREDICTION
2024-05-02 20:14