Bitcoin’s $2.7B Whale Sells All! 🐘📉 Will It Hit $105K? #CryptoCrisis

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Behold, the mighty Bitcoin, once a paragon of digital virtue, now finds itself in a most lamentable state, having dipped below the revered threshold of $110,000. A most egregious whale, with a penchant for liquidity, offloaded a staggering 24,000 BTC, equivalent to a mere $2.7 billion, which, in the grand scheme of things, is but a drop in the ocean of crypto.

The market, ever fickle, reacted with the gravity of a peacock at a funeral, wiping out $205 billion and triggering liquidations that would make a stockbroker weep. One might say the crypto world is currently experiencing a crisis of confidence so profound, even a well-timed pun would struggle to lift its spirits.

This sudden downturn has pushed BTC to its lowest ebb in nearly two months, with intraday lows near $109,000. The analysts, those esteemed sages of the market, warn that this correction may yet persist, as the arcane patterns of Elliott Wave Theory suggest a further descent toward the ominous $105,000. One can only hope the market’s next move is as graceful as a waltz, not as chaotic as a toddler with a paintbrush.

Technical Signals: $105K or $108K in Play

Market analysts, ever the optimists, project that Bitcoin’s rejection at $117,000 over the weekend set the stage for this decline. According to Elliott Wave Theory, Wave C often mirrors Wave A in a most symmetrical fashion, making the $105,000 zone a prime target. One might liken this to a dance where the steps are as predictable as a clockwork orange.

This area also coincides with Bitcoin’s Point of Control since April and the anchored VWAP support line, adding weight to the bearish case. It is as if the market itself has donned a heavy coat, ready to shiver through the winter of pessimism.

However, a strong counter-argument exists. The $107,000-$108,000 range, representing the 61.8% Fibonacci retracement of the June-to-August rally, holds significant buying interest. Data from Bookmap shows clustered orders at this level, suggesting it could act as a reversal point if buyers step in aggressively. One can only hope the buyers are as swift as a cheetah and not as sluggish as a sloth in a sauna.

Invalidation Levels and Market Outlook

Despite the bearish tone, analysts caution that a Bitcoin daily close above $110,000 could flip sentiment. Such a move would indicate a possible liquidity grab rather than a full-blown Wave C continuation. A stronger confirmation would come if Bitcoin reclaims $112,000, signaling the downside break was corrective, not impulsive. It is akin to a magician pulling a rabbit out of a hat-suspenseful, but ultimately a trick of the light.

For now, traders are advised to watch the $108,000 support zone closely. A breakdown could accelerate selling pressure toward $105,000, while a decisive bounce might restore short-term momentum. One might say the market is as unpredictable as a British summer-capricious, yet full of promise.


What to Expect Next for Bitcoin Price

Bitcoin’s sharp sell-off gives a clear picture of the delicate balance between whale activity, technical structures, and macroeconomic uncertainty. It is as if the market is engaged in a game of chess, with each move calculated and every pawn a potential king.

In the near term, analysts caution that downside risks remain elevated, with $108,000 emerging as the key support level. A failure to hold this zone could pave the way for a deeper correction toward $105,000. One might liken this to a ship navigating treacherous waters, with the horizon as uncertain as a fortune cookie.

On the flip side, a recovery above $110,000, and especially $112,000, would invalidate the bearish Wave C scenario, signaling that the pullback was corrective rather than the start of a larger decline. It is a reminder that even in the darkest of times, hope springs eternal-though it may be as fleeting as a firefly in a thunderstorm.

Cover image from ChatGPT, BTCUSD from Tradingview

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2025-08-27 02:13