Bitcoin Wallet Awakens After 11 Years as Price Nears $100K Milestone

On-chain data has revealed the activation of a long-dormant Bitcoin wallet, untouched for over 11 years, resulting in a jaw-dropping 26,147% profit.

Whale Alert reports that this wallet, originally holding 67 BTC worth about $21,050 back in 2013, is now valued at approximately $5.5 million.

This sudden activity has prompted speculation about the wallet owner’s intentions—whether an early adopter cashing out or possibly signaling a trend of long-term holders beginning to move their assets.

Bitcoin’s continued rally has been grabbing attention as it recently broke past $89,000, marking an impressive 30% increase in just a week and pushing the crypto market to new heights. Bitcoin’s value has doubled in 2024, driven by expectations of U.S. Bitcoin ETFs and a potential Federal Reserve rate reduction.

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Bitcoin’s Rally May Continue Uninterrupted, Says Analyst

Many analysts predict Bitcoin could reach $100,000 by the end of the year, with some forecasts even pointing to $150,000 by late 2025.

According to Bloomberg, Bitcoin options traders on platforms like Deribit are already betting on Bitcoin hitting $100,000 before the end of December. Open interest on these bets is high, with nearly 9,635 Bitcoin (worth around $780 million) committed to options with that goal in mind, and Deribit assigns an 18.6% chance of hitting this target by year-end.

Kosta Gushterov