Bitcoin

BTC $117,257.03

Bitcoin rebounded on Friday from its overnight dip below $115,000, returning to its familiar trading range over the past two weeks.

The largest cryptocurrency recently changed hands at $117,200, still down 1.2% in the last 24 hours.

Some analysts noted this dip occurred as asset manager Galaxy shifted a large amount of BTC to exchanges overnight. This activity was likely linked to a bitcoin whale that transferred around $9 billion worth of BTC to trading desks earlier this month. The assets had been held in wallets since Bitcoin’s early years and were transferred after being dormant for over a decade.

Later on Friday, Galaxy confirmed that it successfully completed the sale of all 80,000 BTC on behalf of a client, labeling it one of the largest notional bitcoin transactions in crypto history. The firm stated that the sale was part of the investor’s estate planning strategy.

With the selling pressure from the whale now past, some analysts predict that the lows could be reached or are already nearby.

John Glover, Chief Investment Officer of crypto lender Ledn, suggested that BTC might find a local bottom on Friday or over the weekend, before pushing towards new records based on his Elliott Wave technical analysis.

Glover stated, “Once completed (either today or over the weekend), I expect that we will complete wave iii by rallying to circa $132,000.”