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Bitcoin: If Kraken whales are to be believed, THIS is BTC’s next target
In a shocking turn of events, Kraken whales have cast their vote on the future price trajectory of Bitcoin. According to recent data, these massive players in the cryptocurrency market have placed sell orders at $150K-$160K, sparking a heated debate among crypto enthusiasts and analysts alike.
This development comes hot on the heels of Bitcoin’s incredible surge to new heights above $107K, fuelled by growing optimism surrounding the possibility of the US national reserve. The enthusiastic response has led many to wonder whether the momentum will weaken at $150K-$160K price levels.
As it stands, Kraken whales’ sell orders above this threshold bear a striking resemblance to an earlier trend that dampened Bitcoin’s upward momentum below $80K. This ominous similarity could imply that the cryptocurrency’s growth may be about to slow down in the coming months.
Notably, recent data has revealed that OTC desks are experiencing their largest monthly balance decline since the beginning of the year, with a staggering 25k BTC drop. Furthermore, their balance has fallen by a whopping 40k BTC since November 20th. This unprecedented sell pressure from large players has seemingly eased, paving the way for increased investor demand to propel Bitcoin higher and potentially hit targets between $120K-$150K.
It is essential to note that the price action of Bitcoin closely mirrored Polymarket’s odds of a US Bitcoin reserve. The probability surged from 25% to an astonishing 40% over Monday, corresponding to the cryptocurrency’s meteoric rise from $94K to $107K in the same timeframe. While this number has since cooled down slightly to 38%, it remains undeniable that a national reserve was the next key catalyst for hitting these ambitious targets.
In conclusion, while a pullback remains a possibility as indicated by elevated profitability, according to SOPR, there is no denying that Kraken whales have laid their cards on the table. Will Bitcoin’s momentum weaken at $150K-$160K price levels? Only time will tell, but it appears that these massive players are unwilling to let their profits dissipate anytime soon.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not represent any position or opinion from AMBCrypto.
Source: ambcrypto.com
