A recent surge in Bitcoin selling activity by whales has sparked uncertainty about the asset’s future trajectory. Arthur Hayes, former BitMEX CEO, predicts a significant price jump to $1 million by 2028, citing capital shifts from traditional assets to decentralized alternatives like Bitcoin. Despite this optimistic outlook, over 30,000 BTC have been sold in a short period of time, suggesting a shift towards profit-taking amidst market volatility. Analysts attribute this trend to increased institutional interest fueled by ETFs and treasury flows. However, data from Matrixport reveals that the recent price surge is also being driven by bullish signals from institutional investors. 30,000 BTC sold in just 72 hours highlights a potential short-term correction as large investors anticipate market adjustments. The current Bitcoin price is hovering around $103,000 after recovering from prior lows. While strong support is present between $93,800 and $96,900 based on recent activity and historical data, the upcoming week could see more volatility with potential fluctuations in the price of Bitcoin. 25% rally from pre-April lows has been supported by positive earnings sentiment and macroeconomic optimism. The market is closely watching key indicators such as 90-day forward implied volatility and upcoming events like the FTX estate’s payout, which may inject liquidity into the ecosystem. Key support levels are expected to remain strong at $95,440, where significant buying activity suggests a robust floor for potential price support. Meanwhile, market sentiment is highly positive, as 82% of Bitcoin’s circulating supply is currently in profit. Technical analysts are closely monitoring the market’s momentum and structure, with some predicting a breakout towards $110,000 to $115,000 based on recent accumulation and price action.