Bitcoin Magazine CEO Blames Two Whales for Bitcoin’s Stagnation

Meanwhile, analyst PlanC forecasted a "boring" rise to $1 million.

Bitcoin’s price could have already reached $150,000 if not for the influence of two major holders, according to Bitcoin Magazine CEO David Bailey.

The only reason we’re not at $150k right now is two massive whales- once they’re slain (1 down, 1 halfway there)… up only.

— David Bailey🇵🇷 $1.0mm/btc is the floor (@DavidFBailey) September 2, 2025

“The only reason we’re not at $150,000 right now is two whales. Once they’re defeated (one already, the second halfway), it’s only up from there,” he wrote.

At the time of writing, the leading cryptocurrency is trading at $110,200. Over the past 24 hours, the asset’s price has risen by 2.3%. 

On August 24, Bitcoin dropped below $111,300 amid a surge in whale activity. Over a few days, a major holder of digital gold sold more than 24,000 BTC, negatively impacting cryptocurrencies. 

Bailey clarified that the whales he mentioned sold 80,000 BTC and 120,000 BTC. 

Previously, Canary Capital CEO Steven McClurg estimated a 50% chance of the asset reaching $150,000. BitMEX co-founder Arthur Hayes predicted a rise to this level by the end of the year. Some experts believe this level will mark the peak of the current cycle. 

Bitcoin’s “Boring” Path to $1 Million 

An analyst using the pseudonym PlanC suggested that the leading cryptocurrency could reach $1 million by 2032. According to him, the growth will be slow, with prolonged corrections of 10-30% and without sharp movements. 

What if the earlier “Bitcoin cycles” were nothing more than the product of a retail-dominated, FOMO-fueled market?

What if, from here on, Bitcoin simply slow-grinds up and to the right, with long, drawn-out, uneventful 10–30% corrections and consolidations?

And every time we…

— PlanC (@TheRealPlanC) August 31, 2025

“What if the previous Bitcoin cycles were nothing more than the result of a market driven by retail investors, fueled by FOMO? […] Instead, we face a slow and ‘boring’ path to $1 million over the next seven years amid growing recognition of cryptocurrency by the traditional financial market and institutional investors,” he wrote.

PlanC noted that during a prolonged sideways movement of digital gold, market participants think the growth phase has ended and expect an 80% price drop. Recently, analysts have frequently debated Bitcoin’s four-year cycles. 

Confidence in the rise of the leading cryptocurrency to a six-figure mark is also shared by Coinbase CEO Brian Armstrong and the son of the US President, Eric Trump.

Earlier in September, experts predicted the continuation of the bull run in the digital gold market.