Bitcoin Mega Buyer 'Mr. 100' Returns to Market As Analysts Hint at Price Bottom
Summary:
The Bitcoin mega buyer known as “Mr. 100” has acquired 2,500 BTC, worth around $147 million, marking the first large buy since the Bitcoin halving event in 2024. Standing as the 12th biggest Bitcoin holder with over 61,053 BTC, Mr. 100's wallet shows an unrealized profit of $1.3 billion. Experts predict the current Bitcoin correction period is a prime buying opportunity followed by a possible price bounce-back. They also suggest Bitcoin prices may remain steady for the next two months due to broader economic trends. The wallet, associated with the Upbit exchange, was confirmed by the blockchain intelligence firm, Crystal Intelligence.
The Bitcoin mega buyer identified as “Mr. 100” has plunged into the Bitcoin market again for the first time since the Bitcoin halving event. Many traders believe this could signal the low point in the current Bitcoin price, which just managed a recovery from a dip to the $56,000 level. The infamous Mr. 100 has just bought a hefty sum of 2,500 BTC, worth approximately $147 million, purchased around the $58,000 mark, based on a May 2 report by HODL15Capital.
This marks the first big Bitcoin buy for this entity since April 19, right before the much-anticipated halving in 2024. The wallet referred to as Mr. 100 has been accumulating Bitcoin since November 2022, coinciding with the downfall of the FTX exchange. Regular purchases of around 100 BTC have been observed daily since Feb. 14, with a brief lull just post the halving event.
Ranking as the 12th biggest Bitcoin holder, Mr. 100 now owns over 61,053 BTC, according to data from Bitinfocharts. Sitting on an impressive $1.3 billion in unrealized gains, the wallet is up 33% on its total Bitcoin holdings, purchasing at an average price of around $35,587 per Bitcoin. The total estimated worth of this wallet now exceeds $3.57 billion.
Popular Bitcoin analyst, Rekt Capital, suggests that the current Bitcoin price correction is both the deepest and longest setback for this particular cycle. With a retracement of more than 20%, he identifies this as a prime buying opportunity followed by a price bounce-back.
Rekt Capital doesn't predict much more downside for the Bitcoin price, considering historical chart trends. BTC prices may remain relatively steady for the next two months, according to Jag Kooner, Head of derivatives at Bitfinex. This is due in part to broader economic trends and conditions.
In Kooner's view, Bitcoin prices could vary by up to $10,000 on either end. He suggests that the effects of the halving – with its reduction of Bitcoin supply – will likely become apparent in the coming months. With hopes for a soft landing for the economy and avoidance of a recession, Kooner also expects these factors to positively influence the crypto market.
Crypto trader Marco Johanning flagged the $52,000 level as a critical one to keep an eye on, as it represents a significant support-resistance point. According to Johanning, a weekly close above this level could hint at an upcoming rally for Bitcoin.
Blockchain intelligence firm Crystal Intelligence previously confirmed that Mr. 100 is indeed a wallet associated with the Upbit exchange. This was deduced from analysis of wallet activities. They report a consistent value linked to inbound transactions originating from Upbit since the fall of FTX. All associated secondary wallets linked to Mr. 100 have successfully completed Know Your Customer verification on the Upbit exchange.
Published At
5/2/2024 8:05:21 PM
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