Addresses With 100+ BTC At ATH: Latest Sign That Bitcoin’s Bottom Is Close

Key Insights:

• Addresses holding more than 100 BTC have reached an ATH, standing at around 18,000 as of Feb 28th.
• BTC supply in profit hovers near 54%. Historical patterns suggest Bitcoin’s price could drop to $31,500.
• Bitcoin price triggered strong liquidations as Israel and Iran went to war Saturday morning.

Bitcoin price action is generating varied projections for a bear market bottom. Precise price levels and timelines have been projected. This report cites analysts’ insights before the Iran-Israel conflict kicked off in the wee hours of Saturday.

Amid a slew of projections and opinions, addresses holding BTCs are among the metrics that analysts are now eyeing. Specifically, addresses holding over 100 Bitcoins; these addresses represent the big-ticket participants. Accumulation by these addresses suggests the owners are perceiving present BTC price levels as strong lows.

These insights did not factor in external shocks. However, in case the conflict is limited, these assessments are likely to hold.

An exacerbated or prolonged conflict could significantly impact short‑term price action. It could also weigh heavily on medium‑term market trends. As of press time, the Bitcoin price was $64,169, reflecting a 2.7% drop from the previous day’s candle.

No. of Addresses Holding 100-1000 BTC Reaches New ATH

The count of addresses holding more than 100 Bitcoins hit a new all‑time high on February 28. Meanwhile, BTC price continued to struggle below the $66,000 mark. This has been interpreted as a sign that Bitcoin is nearing its bottom in this bearish market.

Data from Checkonchain shows that addresses holding between 100 and 1,000 BTC, also called ‘Sharks,’ soared to around 18,000. Bitcoin dropped sharply from the $90,000 range in January to below $70,000 in February. This plunge triggered liquidations and fueled fear‑of‑missing‑out (FOMO).

Meanwhile, the number of addresses holding over 1,000 BTC, called ‘Whales’ (including exchanges), is hovering just above 2000.

Addresses holding between 10 and 100 BTCs, or ‘Fishes,’ did not show a strong rise since January. Additionally, ‘Crabs,’ or addresses holding between one and 10 Bitcoins, also did not show extraordinary movements.

Lastly, addresses holding between 0.001 and 1 BTC also displayed incremental changes, hovering near 13 million.

Estimate Based on BTC Supply in Profit Points to $31.5K Bottom

An analyst cited CryptoQuant data and pointed out drawdowns linked to drops in BTC supply in profit. Based on those patterns, BTC could face a 70%–75% decline from its ATH of about $126,000. This projection highlights the risk of a steep correction in the current cycle.

Bitcoin supply in profit represents the percentage of coins last moved at a lower price than the current one. This metric shows how much of the circulating BTC is currently profitable. As of writing this report, the figure was looming near 54%.

CryptoQuant quoted in the X post: “If we overlay the exact downward price action from that period onto the current chart, it surprisingly aligns with the -70% to -75% drawdown range projected for the 5th cycle.” – By @Yonsei_dent

This projection pits the BTC price bottom for this bearish cycle between $31,500 and $38,000. Veteran crypto trader Willy Woo noted in an X post that if global macro conditions worsen, BTC could dive to $30,000. His warning highlights the risk of sharp downside in the current market.

Meanwhile, in a normal bearish scenario, BTC would rest near the $45,000 mark. Woo projected a worst-case scenario of $16,000, calling it the final line to maintain a bull trend.

The post Addresses With 100+ BTC At ATH: Latest Sign That Bitcoin’s Bottom Is Close appeared first on The Market Periodical.