Bitcoin Whales Fuel Rally Toward $100,000 with $1.22 Billion Bet
Bitcoin (BTC) whales have accumulated $1.22 billion worth of the cryptocurrency since October 1, according to analyst John Gillen. Gillen, host of the Milk Road crypto podcast, described the current market as a lockout rally, where Bitcoin’s price moves sideways before jumping higher, making it difficult for new buyers to enter. He emphasized that deep fear in the market has already pushed out casual traders, leaving fewer sellers and setting the stage for a potential surge to $100,000. Even a 15% to 25% drop wouldn’t deter his bullish stance, as he declared, “I’m long as hell.”
Gillen attributed the rally to adoption and regulatory developments, not just a short squeeze. Key factors include the SEC’s innovation exemption allowing tokenization of U.S. stocks, the NYSE and OKX’s plan to list over 60 tokenized stocks, and the SEC’s approval of the first 3x leveraged Bitcoin and Ethereum (ETH) ETFs. He also noted that Bitcoin’s current price of around $85,000 is slightly above its average over the past year, suggesting a return to normal rather than an overvaluation. He dismissed the idea that markets follow a set cycle, countering a theory predicting a bottom on October 6.
Analyst Ali Martinez supported the $100,000 target, citing Glassnode data showing Bitcoin traded between $83,000 and $86,700 for two weeks. A significant cluster of transactions occurred between $83,300 and $84,600, indicating strong support. Above $86,700, the next major resistance is near $105,000. Martinez also highlighted that large holders added over 14,335 BTC since October 1, further fueling the rally. Dan Tapiero echoed this view, calling $100,000 a “chip shot” from current levels.
Despite the optimism, Gillen warned of potential disruptions, including rising bond yields, geopolitical tensions in the Strait of Hormuz, and U.S. midterm elections. A 10% pullback in the S&P 500 could also drag Bitcoin lower. Key levels to watch include $86,700 as a breakout point and $83,300 to $84,600 as a support zone.