Bitcoin Wallet Dormant For A Decade Reawakens Amid Push To $64,000
August 24 2024 - 5:30PM
NEWSBTC
According to on-chain data, a dormant Bitcoin (BTC) wallet created
over a decade ago has suddenly reawakened, transferring over $1
million worth of BTC to an unknown address. This unexpected yet
substantial transaction comes as Bitcoin’s price surges past
$64,000. Related Reading: Floki Has ‘More Room To Climb,’
Targets 96% Rally – Analyst Decade Old Bitcoin Wallet Springs Back
To Life An old Bitcoin wallet established 10.7 years ago has
executed a large-scale BTC transaction on August 19. Blockchain
tracker and analytics system, Whale Alert, disclosed on X (formerly
Twitter) that the address had contained 19 BTC, worth about $13,259
in 2013. The Bitcoin wallet which has been inactive for
years, most likely due to strategic HODLing, now boasts impressive
gains of about 8,844%, fueled by the cryptocurrency’s consistent
yet dramatic price increase since 2013. Additionally, the sudden
wallet activation comes as Bitcoin’s price surges past the $64,000
price mark after experiencing a significantly bearish phase.
With Bitcoin’s current price, the 19 BTC moved by this decade-old
wallet address is now worth over $1,185,944, marking a significant
profit with a gain of $1,172,685. The transaction records also show
that the anonymous sender transferred the Bitcoin to an unknown
address, incurring a fee of 0.000047 BTC. Typically, when a
Satoshi era Bitcoin wallet suddenly springs back to life, it often
indicates a potential for increased market activity. Dormant
wallets that move substantial amounts of Bitcoin tend to impact
market liquidity and price movements. Meanwhile, smaller Bitcoin
transactions could capture the interest of the crypto community,
prompting speculations. Bitcoin Turns Bullish With $64,000
Price Surge Over the past few months, the price of
Bitcoin has struggled to rebound to its March all time high of more
than $73,000. The cryptocurrency witnessed sudden price crashes and
constant fluctuations due to large scale market liquidations and
shifts in investor sentiment. After a long period of
consolidation, Bitcoin is finally showing signs of a bullish
rebound. CoinMarketCap’s data shows that the cryptocurrency surged
by 5.33% in the last 24 hours, and is now trading at $64,311. Over
the past week, Bitcoin also recorded an 8.6% increase, underscoring
the cryptocurrency’s renewed strength and potential for a major
price recovery. Many analysts are viewing the
cryptocurrency’s steady price increase as a bullish signal,
potentially indicating a substantial price reversal from bearish
trends. Popular crypto analyst, Ali Martinez noted in an X
post that the Bitcoin bull-bear market indicator has oscillated
between bearish and bullish since early August. However, with the
cryptocurrency experiencing new price gains, the indicator has now
switched back to a bullish stance. Related Reading: Stacks:
New Developments Push STX Price 18% Higher – Details Additionally,
a crypto market expert identified as ‘Milkybullcrypto,’ highlighted
that Bitcoin is finally breaking out of the bullish reversal price
pattern. He emphasized that the cryptocurrency’s monthly bull flag
now has a price target of $100,719. Featured image from CNBC,
chart from TradingView
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