A Bitcoin wallet containing around 749 BTC, equivalent to roughly $53.2 million, has been reactivated after nearly 12 years of inactivity.

This sudden move in funds was detected in the early hours of Tuesday, as blockchain tracking platforms such as Mempool and Whale Alert recorded a transfer of approximately 159.2 BTC, valued at $11.3 million, from this long-dormant wallet.

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The last known transaction from this address was back in November 2012, when Bitcoin’s price was around $10, making the wallet’s balance worth below $9,000.

💤 💤 💤 💤 💤 💤 A dormant address containing 749 #BTC (53,227,433 USD) has just been activated after 12.0 years (worth 7,974 USD in 2012)!https://t.co/5SzBYeKlk1

— Whale Alert (@whale_alert) October 29, 2024

Details Of The Moved Millions

Data from on-chain monitoring platform Mempool, shows that the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender’s address, labeled as “change” by blockchain analytics firm Blockchair.

The remaining 35 BTC, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet’s owner and their intentions remain unidentified, leaving the crypto community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.

However, the timing of the awakening of this dormant wallet is quite noteworthy. It comes at a time when Bitcoin has been seeing consistent increases in price in recent weeks. Particularly, the asset has finally broken above the $70,000 resistance with a current trading price of $72,638 up by 5.3% in the past day.

Notably, movements from long-inactive wallets have historically generated intrigue, with crypto enthusiasts theorizing that these could be the actions of early adopters, lost-and-found wallets, or entities choosing strategic timing to engage with the market.

Although the reason behind this wallet move of its BTC isn’t certain, reactivating wallets like this one especially as Bitcoin continues to surge in price might indicate shifts in holders’ strategies, driven by favorable market conditions or other personal financial objectives.

Bitcoin Onchain Performance

Awakening of wallet aside, Bitcoin has been seeing quite an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several BTC metrics that are now flashing a positive momentum for the asset, suggesting further price increases.

For instance, yesterday, a CryptoQuant analyst known as Darkfost disclosed that Bitcoin hash ribbons have flashed a buy signal. Darkfost noted:

Historically, purchasing Bitcoin during a Hash Ribbons signal has aligned with strong long-term returns. Recently, we saw another signal following the major one this past summer.

Another metric suggesting price increase for Bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent post, this metric has bottomed to levels not seen in 2022. A move that preceded a rally.

Notably, the Stablecoin Supply Ratio Oscillator provides insights into Bitcoin market demand by analyzing Bitcoin’s market cap against that of major stablecoins.

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The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. A low value of the metric signals more stablecoins are being converted to Bitcoin, therefore suggesting increasing demand.

Featured image created with DALL-E, Chart from TradingView

Max Keiser, a renowned Bitcoin maximalist, doubled down on his Bitcoin price bet with a recent bullish forecast posted to X (formerly Twitter). According to this prediction, Bitcoin will skyrocket to $220,000, and gold will play a crucial role in this move. This optimistic call from Keiser comes as BTC tagged the $69,000 level on Friday.

Max Keiser’s $220,000 Bitcoin Price Bet

Max Keiser’s love for BTC explains his optimism around his recent Bitcoin price prediction of $220,000. The recent tweet also considers gold’s influence on Bitcoin, which makes sens considering the high correlation between Bitcoin and gold.

The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.

— Max Keiser (@maxkeiser) October 18, 2024

He expects gold hitting a new all-time high of $2,722.54 per ounce as of October 19 could fuel the largest crypto asset’s rally as well. This optimism makes sense, considering Bitcoin’s ATH has historically preceded substantial rallies in gold.

This prediction is not Keiser’s first rodeo, he has been forecasting BTC’s future since 2013. In 2014, it was “Bitcoin will replace fiat currencies,” and during the 2017 bull run, Keiser expected BTC price to hit $5,000.

The year-to-date performance shows Bitcoin is up 61%. To make things more interesting, BTC has shot up by 40% in the past 75 days.

While the prediction is optimistic, BTC needs to rally more than triple from the current level of $69K to hit Keiser’s target. Will Bitcoin price hit $220,000?

Will Bitcoin Hit $220,000?

Here are three reasons why it is likely for Bitcoin price to hit $220,000 this cycle.

1. Clear regulation surrounding Bitcoin: The regulation surrounding Bitcoin has become clear after BlackRock filed for ETF. Moreover, the US SEC also approved Bitcoin options on Friday, October 18, 2024. All of these developments only increase the adoption of BTC, making it fundamentally strong and ready to push higher.
2. Favorable macroeconomic conditions: The US Federal Reserve’s dovish pivot, marked by interest rate cuts and cooling inflation only adds fuel to Keiser’s forecast. The shift in monetary policy from quantitative tightening to easing has a bullish effect on risk-on assets like Bitcoin. Although Keiser’s prediction may seem far-fetched, it does seem likely if the Fed continues on this path.
3. Breakout from seven-month consolidation: The past seven months have seen BTC consolidate in a downtrending structure. But BTC’s recent uptick to $69,000 supports the resurgence of bulls and a potential start to the bull run.

Experts Echo Max Keiser’s Optimistic BTC Price Prediction

Here are some expert predictions that support Max Keiser’s forecast of Bitcoin reaching $200,000:

1. Renowned trader Peter Brandt predicts Bitcoin will reach $120,000 to $200,000 by September 2025. He revised his forecast with a higher target after Bitcoin’s strong performance.
2. Venture capitalist Chamath Palihapitiya forecasts that Bitcoin will hit $500,000 by October 2025 and $1 million by 2040-2042. He views Bitcoin as a potential global reserve currency with unique attributes.
3. Fidelity’s Director of Global Macro, Jurrien Timmer, anticipates Bitcoin to hit $1 billion by 2038-2040.

As the cryptocurrency landscape evolves, Keiser’s $220,000 forecast will be closely watched. Will Bitcoin deliver another unprecedented surge or face rejection at $70,000? Only time will tell.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.