Whales Accumulate Bitcoin as $100,000 Target Gains Traction

Bitcoin has been trading in a narrow range between $85,000 and $86,000, struggling to hold above $87,000. Despite this, bullish sentiment is growing, particularly in the options market. Coinbase Markets analysts observed that the implied volatility of one-week call options was 2.1 points higher than put options, indicating strong investor demand for call options. However, they cautioned that this could reflect either rational optimism or excessive one-sided betting.

Large investors, or whales, have been accumulating Bitcoin, buying over 14,335 BTC since October 1st, worth approximately $1.22 billion at current prices. Analyst Ali Martinez suggested this buying spree could signal positioning for a potential rise toward $100,000.

On-chain data shows strong support for Bitcoin in the $83,300-$84,600 range, where about 1.59 million BTC have been traded. Martinez noted that if Bitcoin breaks through the $86,700 resistance with support holding, there is little supply concentration up to $105,000, making $100,000 a plausible target.