Successful Bitcoin Short Trader Places Take Profit Levels Between $70,000-$74,000: Further Drop Incoming?

A Bitcoin (CRYPTO: BTC) whale accumulated about $7.5 million in unrealized profit by successfully shorting the apex cryptocurrency amid the ongoing market correction.

What Happened: According to an X post by on-chain tracking platform Lookonchain Sunday, the trader shorted Bitcoin at approximately $96,500 on Feb. 22 and closed the position near the bottom at around $78,900 six days later.

The whale re-entered a short position at the peak of approximately $94,424 following the rally induced by President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve.

As of this writing, they have set additional short positions at $92,449-$92,636 and placed limit orders to take profit between $70,475-$74,192.

See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate

Why It Matters: The whale’s successful shorting of Bitcoin comes in the wake of the broader market crash Sunday evening following Bitcoin’s fall to $80,000.

Well-known Bitcoin bull Arthur Hayes predicted a retest of $78,000, with $75,000 next in line if that failed, indicating a convergence with the whale’s conviction.

The timing of several leveraged trades has sparked speculation of possible insider trading in recent days. Last week, a whale closed their 50x leveraged position on Bitcoin and Ethereum (CRYPTO: ETH) shortly before Trump announced a cryptocurrency reserve, resulting in a profit of over $6 million.

Price Action: At the time of writing, Bitcoin was exchanging hands at $81,575.36, down 5.01% in the last 24 hours, according to data from Benzinga Pro.

Read Next: 

• Trump Creates Strategic Bitcoin Reserve Funded By Forfeited Assets: ‘I Made The Promise’ — BTC Dips 4%

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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