news 
Bitcoin: If Kraken whales are to be believed, THIS is BTC’s next target
The cryptocurrency market has been abuzz with the recent surge of Bitcoin (BTC) topping $107K. The sudden optimism surrounding this milestone has led many to speculate about the future prospects of the digital asset. However, one group of investors, known as Kraken whales, may have already signaled where they believe the price is headed.
According to on-chain data provided by Bitcoindata21, a Bitcoin analyst, it appears that these massive investors have placed sell orders in the range of $150K-$160K. This development could potentially mark the beginning of a slowdown or even a reversal in the current momentum of the market.
The early 2024 trend of such Kraken whales’ sell orders above $150K has previously muted the cryptocurrency’s price appreciation, leading it to stagnate below $80K. It remains unclear whether this latest attempt at placing sell orders will have the same effect on the market’s trajectory.
Meanwhile, another aspect that may be influencing the current bullish trend is the strong demand from spot markets and a reduction in sell pressure from large players. According to CryptoQuant’s research head, Julio Moreno, the OTC (Over-the-Counter) desks are witnessing their largest monthly decline of balance so far this year, at -25k Bitcoin. Furthermore, the desk’s balance has decreased by an astonishing 40k Bitcoin since November 20.
This increased appetite for BTC could lead to it breaking above the previously mentioned resistance levels and potentially hitting the expected $120K-$150K targets or beyond. Interestingly, the recent price action of Bitcoin follows closely with Polymarket’s odds of the US creating a national reserve of the cryptocurrency, which surged from 25% to as high as 40% over the same period.
Although these odds have since eased slightly, still suggesting a US BTC reserve is in the offing. It is crucial to note that historical trends suggest that if profitable holders cash out when the SOPR (Spent Output Profit Ratio) metric hits the first or second band, Bitcoin typically localizes its price action at this point.
As of now, the SOPR is merely one step away from hitting the first band, indicating a pullback in the offing.
Source: ambcrypto.com
