Bitcoin News Today: Bitcoin Whale Boosts $86M Long Position With $120K Price Target

A major Bitcoin whale has significantly increased its long position to 752 BTC, valued at approximately $86 million, signaling a strong bullish bias in the current market environment. According to on-chain tracking platform Lookonchain, the whale—identified as address 0xab15—has raised its take-profit target to $120,000 per BTC, a move that underscores confidence in Bitcoin's ability to break through key resistance levels and maintain an upward trajectory [1].

The whale’s unrealized profit currently stands at $774,000, indicating that the position is already in the green. While the average entry price remains undisclosed, the accumulation pattern and the bullish price target suggest that the whale is positioned for a potential breakout in the near term. This activity aligns with broader market speculation that Bitcoin could see increased buying pressure as it tests levels above $114,000 and approaches critical support and resistance zones [2].

The timing of this move is noteworthy, as Bitcoin has recently traded around $118,000, fluctuating amid macroeconomic uncertainty and mixed technical indicators. Despite recent downward pressure that pushed prices below $114,000, the orderbook analysis shows a key support zone between $110,000 and $112,000, with significant supply concentrated between $115,000 and $116,000 [3]. Analysts have pointed to $114,000 as a crucial level that could determine the early-week trend, with a breakout likely to target the $120,000 range if buying momentum strengthens [3].

The whale’s positioning highlights a strategic view that the $120,000 level is within reach, particularly if liquidity remains supportive and macroeconomic conditions align with bullish expectations. Institutional interest appears to be growing, with other whales accumulating over 10,000 BTC as the price nears critical thresholds. This type of behavior often precedes a shift in market sentiment and may influence short-term price action [1].

Traders are advised to closely monitor volume and order flow around the $114,000 level, as this will be a key indicator of whether the market is poised for a breakout or a consolidation phase. If Bitcoin manages to rise above $114,000 without encountering significant volume rejection, it could trigger a cascade of buying activity and potentially push the price toward the whale’s $120,000 target [3]. Conversely, a failure to hold above $110,000 could lead to further retracement and extended consolidation.

The whale’s aggressive long position reflects a belief in Bitcoin’s resilience and long-term potential, reinforcing the idea that confidence in the cryptocurrency’s future remains strong. As the market awaits potential catalysts such as Bitcoin ETF flows and macroeconomic events, whale activity will continue to serve as a leading indicator of broader sentiment [1].

Source:

[1] Bitcoin News Today: Bitcoin Whale Boosts $86M Long ... https://www.ainvest.com/news/bitcoin-news-today-bitcoin-whale-boosts-86m-long-position-120k-price-target-2508/

[2] Bitcoin News Today: Whale "First Set 10 Big Targets" ... https://www.ainvest.com/news/bitcoin-news-today-whale-set-10-big-targets-nets-10m-leveraged-btc-trades-5x-long-position-gains-2508/

[3] BTC Orderbook Analysis: $114K Pivotal Price to Dictate ... https://blockchain.news/flashnews/btc-orderbook-analysis-114k-pivotal-price-to-dictate-early-week-trend-market-demand-and-supply-insights