- Bitcoin hit a new all-time high near $108,000 but has corrected to $104,175 with a market cap of $2.06 trillion.
- Mt. Gox moved 1,620 BTC ($172.5 million) and Marathon Digital transferred 22,044 BTC ($2.34 billion).
- A potential 8-10% pullback is expected, with Bitcoin possibly reaching $220,000 in the future.
Bitcoin (BTC) recently soared to a new all-time high of nearly $108,000, captivating the crypto market. However, this milestone was followed by a slight correction. BTC trades at $104,175, marking a 2.81% dip in the past 24 hours. Despite the decline, Bitcoin’s market cap stands at $2.06 trillion, with a strong 24-hour trading volume of $139.79 billion.
Bitcoin Whale Movements Signal Market Shift
According to data from Spot On Chain, two major institutions transferred a staggering 23,664 BTC (worth $2.51 billion) shortly after Bitcoin’s new all-time high. Mt. Gox, the defunct exchange, moved 1,620 BTC ($172.5 million) within six hours.
This includes 1,320 BTC sent to an internal wallet and 300 BTC directed to B2C2 Group. Since November 1, Mt. Gox has shifted 7,500 BTC (approximately $650 million) to B2C2, possibly for creditor payouts. The platform’s current holdings total 37,404 BTC, valued at $4.02 billion.
Moreover, Bitcoin mining giant Marathon Digital transferred 22,044 BTC ($2.34 billion) within 14 hours. These funds were dispersed across 40 newly created, unidentified wallets, where they currently remain. Marathon Digital now holds 14,364 BTC, worth $1.54 billion.
Bitcoin Bullish Pattern Mirrors 2017, 2020 Trends
Market experts are divided on Bitcoin’s trajectory after this recent rally. Prominent crypto commentator Captain Faibik noted a bearish divergence on BTC’s daily timeframe chart. He anticipates an 8-10% correction, calling it a “healthy reset” that could pave the way for a continued upward rally. Faibik encouraged traders to seize the opportunity to buy during the pullback.
Adding to this perspective, analyst Ali Martinez suggested that BTC might follow a pattern that is reminiscent of 2017 and 2020. He projected brief corrections at $110,000, significant pullbacks at $125,000 and $150,000, and a potential end to the bull run around $220,000.
Bitcoin’s new high has reaffirmed its stronghold in the crypto market, but institutional movements and technical patterns suggest a period of consolidation may follow. As the market watches for the next move, BTC’s journey to $220,000 remains a hot topic of speculation. Investors are eyeing the opportunities a potential correction could offer, with optimism for another rally ahead.
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