In a surprising turn of events, a dormant Bitcoin (BTC) wallet dating back 11.7 years suddenly came back to life. The Bitcoin whale transferred a staggering 500 BTC, equivalent to a jaw-dropping $34.78 million, to multiple new wallets. The move comes precisely before the Bitcoin Halving event, which is expected to propel the BTC price past $100,000. Hence, the dormant Bitcoin whale’s re-entry signifies a major development.
Dormant Bitcoin Whale Makes Massive Transfer
The Satoshi Nakamoto era wallet in question had initially received the 500 BTC on July 14, 2012. At the time Bitcoin was valued at a mere $7.57, making the initial investment worth a modest $3,786. Moreover, it suggests a 920,000% profit and the recent transfer could catalyze the Bitcoin price movement.
Furthermore, this unexpected activity has sparked intrigue within the crypto community, particularly given its timing just days before the highly anticipated Halving event in April. The Halving event, which occurs approximately every four years, entails a reduction in the reward for mining new blocks in the Bitcoin blockchain.
Historically, these events have been associated with significant price surges in Bitcoin. Hence, the recent transfer a strategic undertaking in anticipation of a potential Bitcoin price rally. Earlier, Robert Kiyosaki, a renowned investor, suggested that the BTC value could touch $100,000 as early as September 2024.
In addition, Bitwise CEO Hunter Horsley echoed the bullish sentiment as he believes the Halving event will play a pivotal role in the price surge. However, the recent transfer could hint at a potential selloff at the current prices or at an appreciated price. In both cases, the Bitcoin price could tumble from the highs gained lately.
Also Read: Bitcoin Futures See Unprecedented $38B Open Interest
BTC Price Experiences Volatility
The Bitcoin price has been swinging between the red and green candles as it’s hit with extreme volatility. At press time, the BTC price was up by 0.50% to $70,024.40 on Saturday, March 30. Meanwhile, it held a market valuation of $1.38 trillion.
In contrast, the 24-hour trade volume for BTC plunged 25.87% to $22.85 billion. However, despite the rebound and slump frenzy, the Bitcoin price returns for the month stand at over 12%. In addition, Ali Martinez, a popular crypto analyst, suggested that a bull flag breakout is underway from Bitcoin, which could push its price up to a new all-time high of $77,000.
Longs have been dominating the market liquidations with $15.09 million worth of BTC liquidated, according to Coinglass. This could lead to a price dip, however, a short squeeze might also contest the plunge. Currently, short traders have liquidated $13.70 million worth of BTC in last 24 hours, giving tough competition to longs.
Also Read: Bitcoin Futures See Unprecedented $38B Open Interest
This news is republished from another source.
