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HomeNewsBitcoin Investor 'Mr. 100' Buys Amid Dip: Analysts Predict Price Upswing

Bitcoin Investor ‘Mr. 100’ Buys Amid Dip: Analysts Predict Price Upswing

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  • Analyst Rekt Capital views the recent dip as a potential buying opportunity, suggesting that a deeper drop signals an approaching bottom.
  • Jag Kooner predicts Bitcoin prices will stabilize with swings up to $10,000 in the coming months, influenced by economic conditions.

A Bitcoin investor known as “Mr. 100” has recently purchased over 4,100 BTC, marking his initial buy since the Bitcoin halving event in April 2024. This acquisition occurred when Bitcoin prices briefly fell to $56,000, with the investor making purchases at approximately $58,000.

The total value of this transaction is roughly $242 million, as indicated by data analyzed from Bitinfocharts, which was highlighted by the user HODL15Capital.

The Bitcoin wallet associated with Mr. 100 started receiving consistent deposits after the FTX collapse in November 2022. The wallet accumulated at least 100 BTC daily from mid-February 2023, with a pause only during the period following the halving in April 2024.

Read more: Bitcoin vs Gold: Scaramucci and Schiff Debate Inflation Hedges

As of now, Mr. 100’s holdings are over 65,155 BTC, ranking him as the 12th largest Bitcoin holder. The current value of his portfolio surpasses $3.86 billion, with unrealized profits of $1.4 billion, reflecting a 33% increase from his average purchase price of $36,572 per BTC.

Analysts offer varied views on the future prices of Bitcoin

Rekt Capital, mentioned that the current market conditions provide a favorable buying opportunity. He explained that a price reduction close to or more than 20% from peak levels typically signals a beneficial time to buy before an expected price recovery. He added that a deeper price reduction might indicate that the market is approaching a low point.

BTCUSD_2024-05-05_15-39-45
Source → Tradingview

Jag Kooner, from Bitfinex, anticipates a short phase of price stability for Bitcoin, with expected large price movements in the next few months. He suggests that Bitcoin will likely trade within a $10,000 range for one to two months. Kooner links this prediction to the reduced Bitcoin supply after the halving and improved economic conditions, which he believes will support cryptocurrency values in the future.

The $52,000 level is seen as an important point for Bitcoin on its weekly trading chart

Crypto trader Marco Johanning believes that closing above this price could signal potential for further price gains. Additional information about Mr. 100’s transactions was provided by Crystal Intelligence, which associated his address with the Upbit exchange. 

This analysis is supported by observations from on-chain, who noted that Mr. 100’s transactions resemble Upbit’s typical activities with alternative cryptocurrencies.

The current price of Bitcoin (BTC) is approximately 63,992.17 USD. This represents an increase of 374.76 USD, or 0.59%, from the previous price.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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