According to the chain data, dormant Bitcoin (BTC) wallet created over a decade ago suddenly woke up, transferring over $1 million BTC to an unknown address. This unexpected but significant transaction appears as Bitcoin price exceeds $64,000.
The decade-old Bitcoin wallet is coming back to life
An elderly Bitcoin wallet created 10.7 years ago conducted a large-scale BTC transaction on August 19. The blockchain tracking and analysis system, Whale Alert, revealed on X (formerly Twitter) that there were 19 BTC at this address, which was worth about $13,259 in 2013.
A Bitcoin wallet that has been inactive for years, most likely due to Strategic HODLingcurrently boasts an impressive 8,844% gain, fueled by the cryptocurrency’s steady but rapid price growth since 2013. Furthermore, sudden activation of the wallet Bitcoin’s price rose sharply, surpassing $64,000 after a period of marked decline.
At the current Bitcoin price, 19 BTC sent through this ten-year-old wallet address is now worth over $1,185,944, which means a significant profit of $1,172,685. Transaction records also show that the anonymous sender sent the Bitcoins to an unknown address, incurring a fee of 0.000047 BTC.
Usually when Satoshi-era Bitcoin wallet suddenly comes back to life, often indicates the potential for increased market activity. Dormant wallets that move significant amounts of Bitcoin tend to affect market liquidity and price movementsMeanwhile, smaller Bitcoin transactions could attract attention from the cryptocurrency community, sparking speculation.
Bitcoin turns bullish with price augment of $64,000
Over the past few months, the price of Bitcoin has struggled to recover to its March is the highest month of all time over $73,000. The cryptocurrency witnessed a sudden price crashes and constant fluctuations resulting from mass market liquidations and changes in investor sentiment.
After a long period of consolidation, Bitcoin is finally here showing signs of a bullish reboundCoinMarketCap data shows the cryptocurrency is up 5.33% in the past 24 hours and is currently trading at $64,311. Bitcoin has also seen an 8.6% augment over the past week, underscoring the cryptocurrency’s renewed strength and potential for significant price recovery.
Many analysts are looking at cryptocurrencies constant price augment as a bullish signal, potentially indicating a significant price reversal from the downward trend.
Popular cryptocurrency analyst Ali Martinez noted in Posts X That Bitcoin Bull and Bear Market Indicator has been oscillating between bear and bull since early August. However, with recent price increases for the cryptocurrency, the indicator has returned to a bullish stance.
In addition, the cryptocurrency market expert with the nickname “Milkybullcrypto” illuminated that Bitcoin is finally breaking out of a bullish price reversal pattern. He he emphasized that the cryptocurrency’s monthly bull flag currently has a price target of $100,719.
Featured image from CNBC, chart from TradingView
