Bitcoin's Path to $150,000 Stymied by "Whale" Activity, Says Trump's Crypto Advisor

Bitcoin (BTC) has recently experienced a notable correction, retracting over 10% from its all-time highs above $124,000. Despite this downturn, a strong undercurrent of optimism persists within the crypto community, with many anticipating significant gains for the leading cryptocurrency in the near future. This market movement is now being attributed to specific, powerful forces at play.

Whales Driving Recent Bitcoin Sell-Off?

David Bailey, CEO of Bitcoin Magazine and a prominent crypto advisor to Donald Trump, has pointed to the actions of large investors, colloquially known as "whales," as the primary cause for Bitcoin's recent price fluctuations. In a recent social media update, Bailey revealed that two significant whales had reportedly liquidated 80,000 and 120,000 BTC, respectively, triggering the market's descent. NewsBTC further speculated that the cryptocurrency exchange Binance might be involved in orchestrating this sell-off, potentially utilizing a market maker like Wintermute to generate bearish trends for profit in the futures market.

Institutional Holdings and Future Outlook

While the identities of these influential traders remain undisclosed, Bailey hinted that one whale has already concluded its selling, with the other halfway through its liquidation. This suggests that once these significant sell-offs are complete, Bitcoin could regain its upward momentum, potentially reaching Bailey's ambitious target of $150,000 per coin—representing a substantial 36% increase from current price levels. Further influencing market stability is the growing involvement of publicly traded companies. JPMorgan's global market strategist, Nikolaos Panigirtzoglou, highlighted that corporate treasuries now command over 6% of Bitcoin's total supply. This institutional influx is reportedly contributing to reduced volatility, making Bitcoin an increasingly attractive and stable investment alternative, even compared to gold. As of this report, Bitcoin is trading at $110,900, showing a modest 2% surge in the past 24 hours and an impressive 90% year-to-date increase, showcasing its resilience amidst dynamic market conditions.