Whale Bets on $200K Bitcoin as BTC Dips Below $115K — Bullish Trend Still Intact

The crypto market experienced a sharp jolt as Bitcoin briefly dropped below $115,000, triggering a cascade of long liquidations. But while short-term traders felt the pain, on-chain signals and whale activity suggest the bullish macrotrend is far from over.

BTC Dips, Liquidations Spike

Bitcoin’s drop to $114,960 on Friday led to over $130 million in BTC long positions being liquidated, part of a broader $585 million wipeout across crypto longs. According to CoinGlass, the market swiftly removed bid-side liquidity at key support levels, indicating a possible short-term bottom formation.

Still, the correction hasn’t shaken the broader bullish outlook. BTC is trading at $116,650 at the time of writing, with strong technical and sentiment support forming near the $115K mark — now viewed as a key level for the ongoing uptrend.

BTC/USD four-hour chart. Source: TradingView

Whale Signals $200K Ambition With $23.7M Bet

The most eye-catching development came from Deribit, where a single whale opened a $23.7 million long position — structured as a $140K–$200K call spread set to expire in December 2025.

This complex options play caps both upside and downside, but the message is clear: at least one institutional player sees Bitcoin reaching or nearing $200,000 by year-end.

“The Dec $140K-$200K call spread dominates, buying low Dec $140K IV, funded by higher IV $200K calls,” noted Deribit Insights, pointing to strong conviction in a fresh all-time high within months.

This isn’t the first time a large, structured BTC options trade has foreshadowed a significant market move. In recent weeks, similar whale activity has correlated closely with key Bitcoin price breakouts.

BTC liquidation heatmap. Source: CoinGlass

Analyst Take: “No Overheating,” Trend Remains Bullish

Despite the drawdown, analysts remain largely optimistic.

Swissblock dismissed the move as “a rotation-led correction, not capitulation”, noting that the Bitcoin Risk Index remains at 0 — signaling no imminent crash risk.

“Corrections at low risk levels = opportunity, not exit,” the firm said in a post on X (Twitter).

Daan Crypto Trades emphasized the importance of defending the $115,000 support, warning that a break below it could open the door to $113,500 or even $110,530.

That lower level — around $110K — is where many analysts believe strong buy orders and institutional bids lie in wait.

Looking Ahead: $140K in Sight Before Year-End?

The bullish structure remains technically intact, despite high volatility. With liquidity now refilling lower, and whale conviction growing, many are watching for signs of a bottoming pattern before BTC attempts a reclaim of $120K and a potential breakout toward the $140K-$160K range in Q3–Q4.

Bitcoin risk index. Source: Swissblock

Key levels to watch:

$115,000 – must hold for near-term uptrend

$113,500 – next major liquidity pool if $115K fails

$110,530 – strong long-side interest expected

$123,100 – all-time high set on July 14

$140,000–$200,000 – whale-targeted zone by December

Final Thought

Despite the current turbulence, Bitcoin remains structurally strong. Whales are positioning for six-figure BTC, on-chain risk metrics show no signs of overheating, and pullbacks are increasingly seen as entry opportunities, not exit signals.

If BTC can defend $115K and reclaim $120K soon, the stage may be set for an explosive Q4 — with $200K no longer just a moonshot, but a target backed by serious capital.

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