Bitcoin will likely only climb to the $150,000 price point once two massive Bitcoin whales finish selling, according to Bitcoin holding company Nakamoto CEO, David Bailey.
“The only reason we’re not at $150k right now is two massive whales,” Bailey said in an X post on Tuesday.
“Once they’re slain (1 down, 1 halfway there)… up only.”
Bitcoin to $150,000 represents 36% jump
A move to $150,000 would represent an approximate 36% from Bitcoin’s (BTC) current price of $110,240, according to CoinMarketCap.
Bitcoin whales are people or organizations holding wallets with significant amounts of Bitcoin that can move the market. Many people keep an eye on Bitcoin whales’ activity because the fear of them selling impacts market sentiment.
Several large whale transactions have rattled the Bitcoin market in recent times.
On Aug. 24, a Bitcoin whale sold 24,000 BTC worth around $2.7 billion, causing a flash crash in Bitcoin markets. According to QCP, the crash liquidated approximately $500 million in leveraged positions over the course of minutes.
Several analysts are tipping higher than $150,000 by year’s end
A few days earlier, on Aug. 21, a Bitcoin whale who had previously held for more than five years began rotating funds into Ether (ETH), selling $4 billion worth of Bitcoin through the decentralized exchange Hyperliquid.
The volatile crypto sentiment pushed the Crypto Fear & Greed Index down to “Fear” on Saturday, with the Index swinging between “Fear” and “Neutral” before posting a “Neutral” score of 49 on Tuesday.
Related: Bitcoin’s path to $1M may be ‘very boring,’ says analyst
Canary Capital CEO Steven McClurg recently said there is a greater than 50% chance that Bitcoin reaches the $140,000 to $150,000 range before a bear market next year.
However, many are anticipating Bitcoin to climb even higher than $150,000 before the year ends.
In December, Alex Thorn, head of firmwide research at Galaxy Digital, projected that Bitcoin could reach between $150,000 and $180,000 by the close of 2025.
Meanwhile, both BitMEX co-founder Arthur Hayes and Fundstrat co-founder Tom Lee suggested that Bitcoin could hit $250,000 by the end of 2025.
Magazine: The one thing these 6 global crypto hubs all have in common…
