Two Bitcoin wallets holding a combined $2.18 billion in BTC were activated on July 3 after over 14 years of dormancy. Analysts predict an upcoming surge in Bitcoin's value.
Activation of Dormant Bitcoin Wallets
On-chain data shows that the two addresses, '12tLs…xj2me' and '1KbrS…AWJYm,' received 10,000 BTC each on April 3, 2011. These funds were transferred from wallet address '1HqXB…gDwcK,' which also sent 3,377.83 BTC to a third wallet. After 14 years of inactivity, these wallets have now become active.
Growth of Bitcoin Value Over 14 Years
During the dormancy period, the value of 20,000 BTC appreciated from $7,800 to $2.18 billion. One analyst remarked, 'Imagine the courage it takes to hold $1.1 billion worth of Bitcoin for 14 years from a $7,800 cost basis and to send it all out with a single click and no test transaction.'
Analysts' Predictions for Bitcoin
Analysts predict Bitcoin may reach a new all-time high (ATH) in the coming weeks. Renowned analyst Michael van de Poppe shared that BTC could be just two weeks away from setting a new peak. He mentioned Bitcoin is 'consolidating above $108,000,' indicating possible upward movement. Another analyst, known as Rekt Capital, noted the importance of the $108,890 level for a bullish weekly close.
The activation of these significant Bitcoin wallets highlights market interest and, along with analysts' optimistic predictions, suggests the potential for new price records for BTC.
