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

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.