Large holders on Bitfinex have been methodically reducing leveraged long positions, a shift that analysts say alters near-term positioning and could presage renewed upside. The selling is described as an orderly unwinding rather than a panic exit, leaving observers divided between accumulation and corrective scenarios.
Data from traders and on-chain commentators indicate Bitfinex whales have been closing long contracts in a measured way. That pattern, according to some analysts, matches a Wyckoff-style “spring” where large holders shake out weaker hands before a potential trend reversal. Historically, similar sequences of leveraged trimming have preceded strong recoveries once selling pressure was absorbed.
Market watchers also flagged the reappearance of ambitious price forecasts — most notably a $135,000 target — driven by macro expectations and flows into Bitcoin exchange-traded products. These projections have been discussed alongside classic on-chain patterns and leverage dynamics.
At the same time, the price has stalled near the $90,000 area, generating liquidations and heightened volatility. Observers stress that the current whale activity creates a dual narrative: strategic repositioning that can set the stage for rallying price discovery, and a reminder that liquidity-driven moves can still trigger sharp pullbacks.
Price targets, macro drivers and downside risks
Ambitious targets have resurfaced, with $135,000 most frequently cited by institutional forecasts. Standard Chartered and other forecasters had discussed similar levels in scenarios that included both Q3 2025 and Q1 2026 timeframes; Q3 2025 references are now historical, while Q1 2026 remains part of forward-looking scenarios.
Despite the bullish thesis, more cautious analyses warn of corrective phases and the possibility of a deeper retest of support near $65,000. The tension between leveraged exits and institutional demand creates a bifurcated outlook: a rapid rebound if buying absorbs supply, or extended volatility if liquidity thins.
Investors are now turning attention to the Q1 2026 timeline and incoming liquidity signals; those developments will test whether the current deleveraging marks the end of a build-up phase or merely a pause before another leg of volatility. The market’s ability to sustain momentum after selling pressure eases will determine whether $135,000 reclaims traction as a credible target or remains an aspirational projection.
