Bitcoin’s recent fall below $108,000 coincides with massive wallet activity by early adopters.
According to blockchain data shared by Lookonchain, a long-time holder, also known as “Bitcoin OG,” has transferred large amounts of BTC to major exchanges in recent weeks.
For example, a whale known as “1011short” transferred nearly 13,000 BTC, worth about $1.48 billion. These assets were then sent to Kraken, Binance, Coinbase, and Hyperliquid starting October 1st.
Saylor begins buying Bitcoin despite market downturn
While some older holders appear to be reducing their exposure, MicroStrategy founder Michael Saylor remains bullish.
In a recent post about X, Saylor hinted at the possibility of buying Bitcoin. Similar hints have historically preceded MicroStrategy acquisition announcements. Notably, last week it acquired 390 BTC for approximately $43.4 million, at an average price of $111,053 per coin.
As of November 2, 2025, the company's Bitcoin portfolio amounted to 640,808 BTC. This holding was valued at $70.7 billion based on prevailing market prices. The company’s average purchase price remains $74,032 per BTC. Therefore, this results in an unrealized gain of 49.03%, amounting to approximately $23.25 billion.
In an interview with CNBC last week, Saylor predicted that Bitcoin could reach $150,000 by the end of the year. He further suggested that cryptocurrencies could reach $1 million within four to eight years. This estimate is based on an average annual growth rate of 30% over the next 20 years.
Analysts see possibility of short-term recovery
Ali Martinez, a well-known crypto analyst, provided a technical perspective that hints at the possibility of a short-term pullback. Specifically, in his latest X post, he pointed out that Bitcoin appears to be forming a classic ascending triangle pattern on the 4-hour chart.
According to Martinez, the price could retest the support near $107,500 before attempting a move towards the $115,000 resistance level.
Bitcoin $BTC seems to form a triangle. The $107,500 support may be retested before pushing back towards the $115,000 resistance. pic.twitter.com/unv0cYF0L4
— Ali (@ali_charts) November 2, 2025
