Bitcoin Wallet Dormant for Over a Decade Suddenly Transfers $1 Million
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.
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 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.
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.
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 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.
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.
Source : www.tradingview.com