Bitcoin Price Analysis: BTC Rebounds To Reclaim $110,000
Bitcoin (BTC) has bounced back to reclaim the crucial $110,000 level as it continues its recovery after slipping to a low of $107,469 on Friday.
The flagship cryptocurrency recovery this week comes despite selling pressure and indecisive investor behavior around key levels.
Strategy Completes Latest Bitcoin (BTC) Purchase
Michael Saylor’s Strategy has announced its latest Bitcoin (BTC) purchase as its value slipped below $108,000 last week. The company stated that it purchased 4,048 BTC for $448 million between August 25 and Monday. According to a filing with the United States Securities and Exchange Commission (SEC), the purchase was made at an average price of $110,981 per BTC. The latest acquisition takes Strategy’s total Bitcoin stash to 636,505 BTC, purchased for around $46.95 billion.
The latest acquisition is in line with a pattern of modest buying, including a 3,081 BTC purchase announced last week. Other purchases by Strategy in August included a 430 BTC purchase and a 155 BTC purchase in early August.
Are Two Bitcoin Whales To Blame For Bitcoin’s Recent Struggles?
Bitcoin holding company Nakamoto CEO David Bailey believes BTC will likely surge past $150,000 once two massive Bitcoin whales finish offloading their assets. Bailey stated,
“The only reason we’re not at $150k right now is two massive whales. Once they’re slain (1 down, 1 halfway there)… up only.”
According to CoinMarketCap, a jump to $150,000 is a 36% increase from current levels. Bitcoin whales have made several large transactions in recent days, rattling investors and denting market sentiment. On August 24, a Bitcoin whale dumped 24,000 BTC worth $2.7 billion, causing a flash crash and liquidating $500 million in leveraged positions within minutes. Despite recent struggles, analysts remain bullish about BTC’s prospects of a move past $150,000. Canary Capital CEO Steven McClurg believes there is a 50% chance BTC reaches $140,000-$150,000 before the end of the year.
Meanwhile, BitMEX co-founder Arthur Hayes and Fundstrat co-founder Tom Lee suggested a price of $250,000 by the end of 2025.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is closing in on the $112,000 mark as its recovery gathers steam. The flagship cryptocurrency faced substantial selling pressure on Friday, dropping nearly 4% before recovering on Saturday. It was back in the red on Sunday, falling .53% to end the weekend at $108,247. BTC started the current week in bullish territory, rising nearly 1% before reclaiming $110,000 during the ongoing session.
Analysts believe BTC will continue pushing higher, with some analysts predicting a rise to $1 million. However, market participants expect the rise to be slow and devoid of any parabolic price jumps. Bitcoin Analyst PlanC stated,
“What if, from here on, Bitcoin simply slow-grinds up and to the right, with long, drawn-out, uneventful 10–30% corrections and consolidations. Instead, we just keep grinding slowly upward to $1,000,000 over the next seven years in a very boring and underwhelming way.”
The analyst believes growing adoption and mainstream acceptance will only push prices higher. PlanC also stated that every time prices move sideways, the market believes the cycle is over and expects a dramatic drop, so investors buy the dip. However, a substantial decline rarely happens. However, On-chain data suggests investors have paused substantial activity as they await the next catalyst to influence price action. Bitfinex analysts stated,
“While this breakdown carries technical weight, historical drawdown patterns and seasonality suggest the market is actually in the later stages of its corrective phase, with $93–$95,000 emerging as the most probable zone for a cyclical floor.”
BTC started the previous week in the red, dropping to a low of $110,635 before settling at $113,478 on Sunday. Selling pressure intensified on Monday as the price fell almost 3% and settled at $110,127. Despite the overwhelming bearish sentiment, BTC recovered on Tuesday, rising 1.51% to cross $111,000 and settle at $111,788. Selling pressure returned on Wednesday as the price fell 0.48% to $111,253. However, BTC was back in positive territory on Thursday, rising 1.19% to reclaim $112,000 and settle at $112,574.
Source: TradingView
Selling pressure returned on Friday as BTC plunged nearly 4% to go below the $110,000 level and settle at $108,378. The price recovered on Saturday, rising 0.41% to $108,827, but was back in the red on Sunday, dropping 0.53% to $108,247. Buyers returned to the market on Monday as BTC started the week in positive territory. As a result, the price rose almost 1% to reclaim $109,000 and settle at $109,240. Bullish sentiment has intensified during the ongoing session, with the price up over 2% at $111,550.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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