Key takeaways:
A whale bet $23.7 million targeting Bitcoin at $200,000 by year-end, signaling strong bullish conviction.
Analysts say Bitcoin remains bullish, but $115,000 will be key for uptrend continuation.
Bitcoin ( BTC ) took out bid liquidity on Friday as an unknown trader made a significant bullish bet targeting a BTC price of $200,000 by the end of the year.
Whale bets $23.7 million on much higher BTC prices
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD slicing through nearby resistance to hit $114,960.
As Cointelegraph reported , the move sparked massive long liquidations across Bitcoin markets, totaling $130 million in the past 24 hours.
Related: Bitcoin consolidation expected to end with impulse move to $135K: Data
Monitoring resource CoinGlass showed liquidity being replenished lower down on exchange order books.
Despite this drop, which brings a pause to Bitcoin’s rally, the bullish conviction remains. As Deribit analysts noted , a whale recently went long BTC with a $23.7 million position targeting as high as $200,000 by the year’s end.
This was a complex trade that involved a bull call spread, which limits both potential gains and losses.
“The Dec $140K-$200K call spread dominates, buying low Dec $140K IV, funded by higher IV $200K calls,” Deribit Insights wrote, adding that the “Call spreads bet on an imminent ATH break.”
2) The Dec 140-200k Call spread dominates, buying low Dec 140k IV, funded by higher IV 200k Calls.
— Deribit Insights (@DeribitInsights) July 20, 2025
A zero cost Jul25 124k - Aug29 140k Call spread bets on an imminent ATH break.
But otherwise, 2-way (net selling) of 130+150k Calls, and Aug102-Sep150k Strangles pressure IV. pic.twitter.com/7zhLW41wHV
Market attention is always drawn to such positions, as similar whale trades have influenced the price trajectory considerably in recent weeks.
Recently, a Satoshi-era whale awakened after 14 years of dormancy and moved $9.6 billion worth of Bitcoin, sparking correction concerns among market observers.
Bitcoin “remains bullish”
A break below the $115,000 range low was what traders needed to decide whether to add or reduce exposure.
“Bitcoin finally broke out of its range, but this isn’t capitulation, it’s a rotation-led correction,” said asset manager Swissblock in a Friday post on X.
The Bitcoin risk index, a metric that gauges the likelihood of significant BTC price drawdowns, is currently at zero. This indicates that there is “no overheating” and the bullish structure remains intact, Swissblock said, adding:
“The trend remains bullish. Corrections at low risk levels = opportunity, not exit.”
Analyst Daan Crypto Trades said that the $115,000 range low needed to hold to secure the uptrend.
“A breakdown from this range should lead to a retest of $113,500 next, which could be a decent level to look out for if that happens.”
As Cointelegraph reported , the $115,000 support level is key as a daily candlestick break and close below it may accelerate selling as short-term buyers rush to the exit. That could sink the pair to $110,530, where the buyers would be expected to step in.
