Bitcoin briefly dipped below $115,000, triggering $130M in liquidations, but a $23.7M whale options bet targeting $200,000 BTC by December reinforces bullish sentiment.
Key Takeaways
A whale placed a $23.7 million bull call spread targeting Bitcoin at $200,000 by year-end, signaling strong long-term conviction.
Bitcoin’s drop below $115,000 triggered $130 million in long liquidations, but analysts say the bullish structure remains intact.
Traders are watching the $115,000 support zone as a key level for BTC’s next move.
Bitcoin Dips to $114,960, Then Rebounds Above $116K
Bitcoin (BTC) slipped below $115,000 on Friday, hitting $114,960 and triggering a wave of $130 million in long liquidations across exchanges, according to CoinGlass.
The sharp move swept up bid liquidity before BTC quickly rebounded to trade at $116,536, leaving traders debating whether this was a healthy shakeout or the start of a deeper correction.
Despite the volatility, analysts maintain that Bitcoin’s bullish macro setup remains in play.
Whale Bets $23.7M on $200K BTC Price by December
Amid the volatility, a mystery whale placed a massive $23.7 million options trade on Deribit, betting Bitcoin could hit $200,000 by the end of 2025.
Deribit Insights explained the trade structure:
“The Dec $140K–$200K call spread dominates, buying low Dec $140K IV, funded by higher IV $200K calls.”
This bull call spread caps potential losses and gains but signals the whale is betting on new all-time highs before year-end.
Such whale bets have previously influenced BTC price direction, with traders monitoring options flows for signs of market sentiment shifts.
Bitcoin Structure Remains Bullish, Analysts Say
Despite the $115K sweep, Swissblock noted the move was a “rotation-led correction, not capitulation.”
The Bitcoin Risk Index remains at zero, showing no signs of market overheating.
Swissblock wrote:
“The trend remains bullish. Corrections at low risk levels = opportunity, not exit.”
Analyst Daan Crypto Trades added that $115,000 must hold for Bitcoin’s uptrend to remain intact:
“A breakdown from this range should lead to a retest of $113,500, which could be a decent level to look out for if that happens.”
Why $115K Support Matters for BTC
The $115,000 level is a critical liquidity zone for Bitcoin.
A daily close below $115K could accelerate selling as short-term buyers exit.
Analysts warn this could push BTC down to $110,530, where stronger buying support is expected.
For now, BTC’s bullish bias remains, but the market is in a tug-of-war between dip-buyers and cautious sellers.
BTC Price Outlook
Short-term range: $115,000–$121,000
Key support: $115,000, then $113,500 and $110,530
Bullish targets: $125,000, $140,000 — and now $200,000 via whale options bet
With whale conviction high and structural support holding, analysts suggest Bitcoin could consolidate further before attempting another breakout toward new highs, according to Cointelegraph.
