Bitcoin (BTC) bounced back on Friday from its overnight dip below $115,000, returning to the range it has traded in for the past two weeks.
The largest cryptocurrency was recently priced at $117,200, still down 1.2% over the last 24 hours.
Some analysts noted that the dip occurred as asset manager Galaxy transferred a significant amount of BTC to exchanges overnight, likely linked to a bitcoin whale that moved around $9 billion worth of BTC to trading desks this month. The wallets had held BTC since the early years of Bitcoin’s existence and transferred the assets after being dormant for over a decade.
Later on Friday, Galaxy confirmed the completion of the sale of all 80,000 BTC on behalf of a client, calling it “one of the largest notional bitcoin transactions in the history of crypto.”
The sale was part of the investor’s estate planning strategy, the firm stated.
With the selling pressure from the whale now concluded, some analysts predicted that the lows could be in or nearing.
John Glover, chief investment officer of crypto lender Ledn, suggested that BTC might establish a local bottom on Friday or over the weekend before aiming for new records, according to his Elliott wave analysis.
“Once completed (either today or over the weekend), I expect that we will complete wave iii by rallying to circa $132,000,” Glover noted in a market report.
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