Bitcoin whales cut long positions… “Historical pattern suggests a possible push into the $130,000 range”

An analysis has emerged suggesting that the recent reduction in whales’ long positions is forming a price pattern similar to the past, raising expectations that Bitcoin could surpass $100,000 over the medium term.

According to Cointelegraph on the 11th (local time), whale investors’ Bitcoin long positions peaked at around 73,000 BTC in late December last year before turning downward. Whales are generally regarded as “smart money” in the market, and their position adjustments are often interpreted as a leading signal for future price action.

Market participants are focusing on the fact that whales’ tendency to unwind long positions near highs has, paradoxically, served as a precursor to price gains. Crypto asset (cryptocurrency) analyst MartyParty said, “Bitfinex whales are aggressively cutting Bitcoin long positions, and historically this has been a signal seen before major volatility followed.” He added, “When the same pattern appeared in early 2025, Bitcoin stalled around $74,000 and then posted a strong upward move.”

MartyParty interpreted the move by applying Wyckoff theory. He said the point at which long positions began to decline in April last year almost coincided with the period when Bitcoin slipped below $75,000, corresponding to the phase referred to as a “spring” in Wyckoff analysis. After leveraged positions were flushed out, Bitcoin surged about 50% in 43 days, rising to $112,000.

With Bitcoin currently continuing a range-bound consolidation around $91,500, some analyses suggest that if a similar fractal is replicated, the medium-term target price could be at least $135,000. However, this is merely a technical scenario based on past patterns, and it is also seen as implying the potential for heightened short-term volatility.

Meanwhile, on-chain data platform CryptoQuant estimated that total whale holdings have declined by more than 200,000 BTC over the past year. By contrast, the share held by retail investors has increased, suggesting the market is entering a “mature cycle” phase in which it moves from a whale-led regime to a more distributed demand base. That said, CryptoQuant has previously pushed back against interpretations that whales were actively accumulating Bitcoin in the $90,000 range as of early January.