Satoshi Era Wallet Comes to Life Before It Cuts in Half, Will BTC Go to 100 Thousand Dollars?
In a surprising development, a dormant Bitcoin (BTC) wallet from 11.7 years ago has suddenly come back to life. Bitcoin whale transferred 500 BTC, equivalent to a jaw-dropping $34.78 million, to multiple new wallets. The move comes right before the Bitcoin Halving event, which is expected to push the BTC price above $100,000. Therefore, the re-entry of the dormant Bitcoin whale marks a major development.
Sleeping Bitcoin Whale Makes Big Transfer
The Satoshi Nakamoto-era wallet in question first received 500 BTC on July 14, 2012. At the time, Bitcoin was only worth $7.57, making the initial investment worth $3,786. Moreover, it suggests that a 920,000% profit has been made and the latest transfer could catalyze Bitcoin price movement.
Moreover, this unexpected activity has sparked intrigue within the crypto community, especially given its timing just a few days before the highly anticipated Halving event in April. The Halving event, which occurs approximately every four years, causes a decrease in the reward for mining new blocks on the Bitcoin blockchain.
Historically, these events have been associated with significant price increases in Bitcoin. Therefore, the latest transfer is a strategic initiative in anticipation of a potential Bitcoin price rise. Previously, Robert Kiyosaki, a well-known investor, suggested that BTC value could reach $100,000 as early as September 2024.
Additionally, Bitwise CEO Hunter Horsley reiterated the bullish sentiment, believing that the Halving event will play a significant role in the price increase. However, a recent transfer could signal a potential sale at current prices or an appreciating price. In either case, Bitcoin price could decline from recent highs.
Also Read: Bitcoin Futures See Unprecedented $38 Billion Open Interest
There is Volatility in BTC Price
Bitcoin price fluctuates between red and green candles as it is affected by extreme volatility. At the time of writing, the BTC price increased by 0.50% to $70,024.40 on Saturday, March 30. Meanwhile, the market valuation was $1.38 trillion.
In comparison, BTC’s 24-hour trading volume decreased by 25.87% to $22.85 billion. However, despite the frenzy of recovery and collapse, the monthly return of Bitcoin price was over 12%. Ali Martinez, a popular crypto analyst, also suggested that a bull flag breakout has begun in Bitcoin, which could push its price as high as $77,000, an all-time high.
Longs dominated market liquidations, with $15.09 million worth of BTC liquidated, according to Coinglass. This could lead to a price decline, but a short squeeze could also prevent the decline. Currently, short investors have liquidated $13.70 million worth of BTC in the last 24 hours, giving long positions a tough competition.
Also Read: Bitcoin Futures See Unprecedented $38 Billion Open Interest
✓ Share:
parofix consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. parofix writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Satoshi #Era #Wallet #Life #Cuts #BTC #Thousand #Dollars
