Bitcoin Whales Bet Big on Imminent Bull Run, Opening Huge Long Positions at $29k

Ki Young Ju, the co-founder of CryptoQuant, recently shared an intriguing fact about a Bitcoin miner.

A fascinating revelation came to light about an individual who mined 150 Bitcoin when its value was a mere $0.13. Holding onto this investment for 13 years, they eventually sold it for a staggering $6.5 million. This translates to a mind-boggling profit of 5,019,590,600%. Such stories are a testament to the unpredictable and lucrative nature of the crypto world.

On the trading front, there have been significant movements as well. Some Bitcoin whales have reportedly opened large long positions when the price was around $29k according to CryptoQuant data. These major players’ actions often have ripple effects across the market, influencing the decisions of other traders.

However, the future might not be as rosy as the past. There’s a growing sentiment among parts of the community that the upcoming Bitcoin halving, expected around April/May 2024, might not herald the beginning of a bull run as many anticipate. Instead, it could very well signify the peak of the current Bitcoin cycle that began in 2018 at $3k.

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The reasoning shared by analyst CrediBULL Crypto behind this prediction lies in the observation of Bitcoin’s consolidation phases. Some experts believe that the time spent in these consolidation or “chopping” phases will be the longest in the journey to new all-time highs. Once Bitcoin embarks on its parabolic advance, these multi-month consolidations will become a thing of the past.

Historical data supports this view. In previous cycles, the consolidation phases that came before parabolic advances were longer in duration, even though the subsequent price surge was 6-8 times greater. If this pattern holds, the next parabolic phase might conclude around May 2024. This would mean that the next halving could mark the zenith of this Bitcoin cycle.

Furthermore, this analysis suggests that by 2025, the market might be deep into a multi-year bear phase. Those hoping for new post-halving highs in that year might be in for a disappointment. The specifics of this potential “secular bear market” are yet to be fully explored, but many are keenly awaiting further insights.

In conclusion, while Bitcoin’s past has been filled with tales of unexpected riches and market-shaking moves, its future remains a complex tapestry of possibilities. As always, investors and enthusiasts are advised to stay informed and tread carefully in the volatile world of cryptocurrencies.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of


Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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