Pillows Sells Last Bitcoin at $85,000, Still Sees Retrace Toward Mid-$70,000s
Crypto analyst Ted Pillows made headlines on September 21 when he revealed he had sold his last Bitcoin at $85,000. While some might interpret this as a sign that the market has peaked, Pillows himself stressed that this was not the case.
In a post on X, Pillows explained that he was simply taking profits after the group had accumulated in a zone of roughly $58,000 to $62,000. He noted a build-up of FOMO (fear of missing out) on social media as another factor influencing his decision.
Pillows still expects a retrace toward the mid-$70,000s and views this as his base case. However, he also set a clear condition for dropping this view: if Bitcoin starts closing multiple daily and weekly candles above $83,000, he would treat the retracement scenario as invalidated.
The sale came as Bitcoin reached an eight-month high above $87,000 in a short squeeze, with CoinDesk reporting about $648 million of short liquidations. This rally followed a low of about $74,913 on September 15, when the Senate failed to advance the CLARITY Act, and the Federal Reserve's 25 basis point rate rise on September 16.