Mr. 100’ Takes Advantage of Bitcoin Dip: Is This the Bottom?

The Bitcoin whale known as “Mr. 100” has made its first purchase of Bitcoin since the Bitcoin halving. Market analysts believe that the local Bitcoin bottom may be in as the price of Bitcoin bounces back from its lows of $56,000. The Mr. 100 whale wallet has added 2,500 BTC, worth over $147 million, which is its first Bitcoin purchase since April 19. This whale address has been consistently receiving BTC since November 2022 and has been adding at least 100 BTC almost every day since February 14, except during the post-halving period. Mr. 100 is currently the 12th largest Bitcoin holder, with over 61,053 BTC.

Bitcoin’s current correction is said to be the longest and deepest retracement of the current cycle, according to popular Bitcoin analyst Rekt Capital. The analyst believes that whenever Bitcoin reaches a 20% downside, it typically presents a great buying opportunity. Based on historical chart patterns, the analyst doesn’t expect much more downside for Bitcoin and believes that the deeper the price goes, the closer it gets to a bottoming out. Jag Kooner, head of derivatives at Bitfinex, suggests that Bitcoin’s price could consolidate for the next two months due to the challenging macroeconomic environment.

On the weekly chart, the $52,000 mark is seen as the most important level to watch as it represents a high timeframe support-resistance level. A weekly close above this level would indicate a likelihood of more upside for Bitcoin. Crystal Intelligence, a blockchain intelligence firm, previously confirmed that the “Mr. 100” address belongs to Upbit exchange. They stated that the wallet’s transactions indicate a VASP-type service, and the incoming transactions are confirmed to originate from Upbit. All the secondary wallet addresses associated with Mr. 100 have passed KYC verification on Upbit exchange.

The Bitcoin whale known as Mr. 100 has made its first Bitcoin purchase since the halving. Market analysts suggest that the Bitcoin price may have reached a bottom and expect a potential consolidation period before further upside. The address belonging to Mr. 100 has been confirmed to be associated with Upbit exchange, and all its secondary wallet addresses have passed KYC verification.

Nikos Dixon

Nikos Dixon

3 thoughts on “Mr. 100’ Takes Advantage of Bitcoin Dip: Is This the Bottom?

  1. Mr. 100’s involvement brings a lot of excitement and optimism to the Bitcoin community. It’s great to see such a strong player in the market.

  2. The deeper Bitcoin’s price goes, the closer it gets to a potential bottom. I have faith in Mr. 100’s ability to navigate this market. 💼📈

  3. All this talk about a bottom is just wishful thinking. Brace yourselves for more losses.

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