(qlmbusinessnews.com Fri. 3rd May, 2024) London, UK —

“Is Bitcoin's Downturn Over? ‘Mr. 100' Steps in with $147 Million Purchase Post-Halving”

In a surprising move, the mysterious entity known as ‘Mr. 100', formerly linked to Upbit, has splashed over $147 million into Bitcoin, marking its first significant purchase post-halving and hinting at a potential turnaround in the current market slump.

The renowned Bitcoin whale, affectionately dubbed ‘Mr. 100‘, has resurfaced in the market by scooping up the Bitcoin dip for the first time since the halving event. This timely intervention comes amidst growing speculation among market analysts that Bitcoin may have found its bottom, especially as the price rebounds from its recent lows around the $56,000 mark.

A substantial acquisition of 2,500 BTC, valued at approximately $147 million, was made by the ‘Mr. 100' whale wallet, propelling the price to hover around $58,000. This purchase stands out as the wallet's maiden Bitcoin investment since April 19, just before the 2024 Bitcoin halving.

The whale address, a regular recipient of Bitcoin since November 2022, notably ramped up its accumulation, amassing at least 100 BTC daily from February 14 onwards, except during the post-halving period.

Currently positioned as the 12th largest Bitcoin holder, ‘Mr. 100' commands a hefty stash of over 61,053 BTC, as per Bitinfocharts data. With unrealized profits amounting to a staggering $1.3 billion, representing a remarkable 33% surge on its Bitcoin holdings, the wallet's average buying price of $35,587 per BTC underscores its strategic acumen. Consequently, the wallet's total valuation now stands tall at over $3.57 billion.

BITCOIN MR 100

As Bitcoin navigates its longest and deepest correction of the ongoing cycle, analysts like Rekt Capital remain cautiously optimistic, foreseeing limited downside potential based on historical chart patterns. Nevertheless, Bitfinex's derivatives head, Jag Kooner, anticipates a possible consolidation phase lasting up to two months, citing the challenging macroeconomic backdrop.

In the realm of technical analysis, attention is drawn to the critical $52,000 level on the weekly chart, deemed as a pivotal support-resistance threshold by seasoned traders. A decisive weekly close above this level could signify renewed bullish momentum, as suggested by crypto trader Marco Johanning.

Moreover, recent revelations confirm ‘Mr. 100' as the cold wallet belonging to the Upbit exchange, according to findings from Crystal Intelligence. With all 14 secondary wallet addresses associated with ‘Mr. 100' passing stringent Know Your Customer (KYC) verification on Upbit, the entity's strategic moves continue to captivate the crypto community, leaving observers pondering its next manoeuvre.

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