Bitcoin Whales Sell Off: Is a $135K Price Target on the Horizon?

As per data from TradingView, major holders on Bitfinex have been reducing their long positions after a recent peak of 73,000 BTC in late December. This shift follows a significant drop in whale holdings, totaling about 220,000 BTC throughout 2025, prompting traders and analysts to speculate on future price movements.

Key Takeaways

Major Bitcoin holders are reducing long positions, impacting market dynamics.
Historical patterns suggest potential for significant price movements following whale sell-offs.
A price target of $135,000 is speculated, contingent on historical market behaviors.
Bitcoin is currently trading within a narrow range, and key levels of resistance and support are being monitored.

Bitcoin

Currently, Bitcoin is trading within a narrow range between $88,000 and $92,000 as the market looks for direction.

Whale Activity and Historical Trends

Recent reports suggest that some traders view this trend as a typical unwind pattern that often precedes price increases. Notably, a similar decrease in long positions occurred in early 2025, when Bitcoin fell below $74,000 before experiencing a rapid recovery.

That surge took Bitcoin to approximately $112,000 in just 43 days after positions were liquidated. MartyParty, a commentator on X, highlighted this historical pattern, noting the aggressive closing of $BTC longs by Bitfinex whales, which has typically been followed by significant market volatility.

“Bitfinex whales are aggressively closing $BTC longs, a signal that historically precedes massive volatility. Last time this 'unwind' occurred in early 2025, Bitcoin was stalling around $74k. This precedes the Wyckoff Spring.” - MartyParty

Market Analysis

Market Dynamics and Investor Composition

According to CryptoQuant, an on-chain tracker, total whale holdings decreased by over 200,000 BTC during the year, while smaller investors have been increasing their stake in the market. Many interpret this shift as an indicator of a more diversified ownership structure.

A broader base of coin holders can potentially stabilize price movements, although it does not guarantee that prices will rise. The dynamics of risk distribution across the market can be significantly altered by this trend.

BTC Price Chart Bitcoin is currently priced at $90,619. Chart: TradingView

Traders are closely monitoring a nearby resistance level around $94,000, which has limited several price rallies. Presently, Bitcoin is trading near $91,500. A sustained breakout above $94,000 with increased trading volume would bolster the bullish outlook. Conversely, failing to break through might widen the trading range to the downside, particularly if there is a rise in funding costs or liquidations.

Some analysts are utilizing historical patterns to project potential price targets, with one scenario suggesting a possible repeat of the spring-and-rally cycle, aiming for $135,000 or higher if market conditions align. This potential trajectory depends on the replication of similar market scenarios, which is not guaranteed.

It's important to remember that whales are not a uniform entity; different groups may close positions for various reasons, and some trades may serve as hedges rather than direct price predictions.

The factors of trading volume, funding rates, and net positioning on key derivatives platforms will play a pivotal role. A decisive break above the $94,000 level, complemented by rising spot demand, would strengthen the bullish case. Conversely, increased selling pressure at this level could keep Bitcoin trading within the $88,000–$92,000 band until a new market catalyst emerges. The current market situation appears to be a setup in progress, which could lead to significant price movements once traders reach a consensus on direction.

Featured image from Unsplash, chart from TradingView