A Bitcoin (CRYPTO: BTC) whale sitting on a nine-figure unrealized profit has taken over $11 million in profits by selling 200 bitcoin.
What Happened: Lookonchain reported the whale's $11.6 million sale after a period of inactivity that lasted for five months. This whale has a knack for buying Bitcoin at low prices and selling at high prices and holds 2,800 BTC, valued at around $164.4 million, with a total profit exceeding $168 million.
Two days ago, another whale trader sold 500 BTC, worth $30 million. The trader made 3 swing trades on BTC, but only made money on one and continues to hold 259.6 BTC.
Also Read: Peter Schiff: Bitcoin Is Not 'Digital Gold' And Not Even 'Digital Silver' Because Gold's 2024 Gains Alone Are 5X BTC's Market Cap
Why It Matters: With Bitcoin reclaiming the $60,000 mark, not only did whales resume movement but traders also predicted an upcoming bull run.
One trader pointed out that approximately 1043 days after the cycle top on BTC, a significant change in market trends is expected.
The trader believes that the sideways trading, or "chop," is nearing its end. If Bitcoin reclaims its $64,000 mark, it would officially be "moon time," indicating a potential price surge.
According to the trader, the cyclical nature of Bitcoin's price suggests that there is no reason to be bearish until Q4 2025. This forecast could influence investor strategies and market trends in the near future.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
- Bitcoin Gearing Up For Next Bull Run? On-Chain Analysis Says It Just Might Be
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