Key InsightsThis
- A Bitcoin whale recently moved over 400 BTC into Ethereum after holding for years.
- The Bitcoin price is struggling below major resistance levels and now has the $112K zone as major support.
- Long-term predictions are bullish, and Coinbase’s CEO recently predicted a $1M price by 2030.
Bitcoin price has been volatile over the last few days. Amid this volatility, an early Bitcoin whale made headlines by moving more than $90 million worth of BTC into Ethereum.
According to Onchain Lens, the whale deposited 660 BTC into the decentralised exchange Hyperliquid. The whale did it all before swapping a large part for ETH.
This move was followed by an additional 400 BTC, worth $45.5 million. This was also sold for Ethereum. The whale then bridged the ETH to the Ethereum mainnet.
Moving ahead, it consolidated over 11,700 ETH worth more than $50 million. Additionally, this whale also opened massive leveraged long positions in Ethereum worth $295 million across four wallets.
After holding for years, aitcoin Price Technical Outlook
When writing, the Bitcoin price was trading near $114,390. It has daily volumes close to $70 billion according to data from CoinMarketCap. Despite recently making a small rebound, BTC still trades below its 50-day moving average of $116,033. This has now been flipped into resistance.
Over the last week, a rejection near $124,450 formed a bearish engulfing candle for the cryptocurrency. This was one of the first signs that it was losing upward steam.
Traders, as of writing, are now watching as BTC tests the neckline of a possible head-and-shoulders pattern near $112,000. This means that a breakdown below this level could cause a price plunge toward $108,000 and possibly $105,150.
According to recent updates from Bitcoin analyst Captain Faibik, the cryptocurrency has just tested the daily EMA50. It is now preparing for another Bearish impulse.
“If the $111.8k support breaks, be Ready for a drop toward $108K” the analyst concluded. On the flip side, Bitcoin has held a series of higher lows since June.
Moreover, the daily chart shows a series of small-bodied dojis around $113,000. This indicates that traders are indecisive, rather than panic selling.
The buyers may reclaim the $116,150 price level. If this happens, the Bitcoin price could recover toward $124,450 and possibly extend gains to $127,540.
Ethereum Outflows and Market at aroundct
Ethereum has been under pressure lately, especially after ETF outflows of more than $678 million over the last three sessions. SoSoValue data shows that BlackRock, Fidelity, and Grayscale sold over $422M worth of ETH in one day on 20 August.The
Fidelity led the charge with $156 million in redemptions and was followed by Grayscale at $122 million. Other issuers like Bitwise, VanEck and Franklin Templeton also recorded smaller sell-offs. In all, the wave of redemptions dragged ETH to a low of $4,063 before a slight recovery to around $4,223.
This volatility has created major opportunities for whales, like the BTC holder who rotated into ETH. However, it has also been a major source of worry about whether Ethereum’s recent 200% rally over the last few months is running out of steam.
Long-Term itscoin Prvolumedis iction
Despite the weakness in the near-term, the long-term outlook for Bitcoin price appears to be strong. Coinbase CEO Brian Armstrong recently indicated that BTC could reach $1 million per coin by 2030.
He points to growing adoption and expanding use cases for the cryptocurrency. A shrinking supply is also fueling its upward momentum. Armstrong described his prediction as a “rough idea,” but pointed out that Bitcoin’s fundamentals favour this kind of growth.
The asset currently has nearly 19.9 million BTC already mined out of a maximum supply of 21 million. This means that scarcity will continue to strengthen the asset’s long-term case.
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