Bitcoin Whale Awakens After 10 Years, Transfers Millions

Today, my sleeping wallet woke up. Reported by Lookonchain, 10.3 years later. The wallet then transferred a large amount of Bitcoin (BTC). Market analysts are interested in trading 687.33 BTC worth approximately $43.94 million, garnering speculation.

The history of the inactive wallet dates back to January 12, 2014, when it received 687.33 BTC. At that time, Bitcoin was trading at $917 per unit, so this value is equivalent to about $630,000. However, current Bitcoin price levels have soared to over $65,000 per BTC. This means that the value of the transferred asset has increased rapidly.

Bitcoin’s meteoric rise over the years has been impressive. With a 24-hour trading volume of more than $20 billion, Bitcoin has become the cornerstone of the cryptocurrency market. At the moment, Bitcoin is showing a 2.44% increase in value in the past 24 hours, and a significant 4.55% increase on the weekly chart, making it the preferred investment choice among both traders and investors. We are further solidifying our position as a

Speculation about the impact on Bitcoin price:

The crypto bull market that began in 2024 took a hit last week as economic factors and a controversial token sale rocked the digital asset market. Bitcoin, the leading cryptocurrency, fell below $57,000 amid panic selling by investors. Bitcoin ended April down more than 12%, marking its first monthly loss since August last year.

However, recent price movements have picked up steam again, and speculation about their impact has followed suit. some analysts Some see this as a bullish sign that the market still has highs to reach, while others take the breakdown scenario as a bearish harbinger, hinting at a possible retrace in advance.

In a strong bull market, even with bullish news and narratives, the distribution may indicate buyer exhaustion, which can cause an extended retracement. Conversely, strong reaccumulation during consolidation often leads to a strong continuation of the rally. Applying these scenarios to the current Bitcoin market dynamics, the cryptocurrency is at a critical point. Intraday wicks have broken out of the consolidation range, but the price looks poised to regain $60,000 by the week’s close.

If that happens, it would fit the reaccumulation scenario and mean this bull market will move higher. On the other hand, a weekly close below ATH could be seen as a bearish signal and could trigger a deeper pullback towards the 0.618 Fib level, potentially stalling the bull run for several months. be.

Related Books | Bitfinex data breach allegations exposed by Tether CEO

Related Article


Leave a Comment