According to crypto analysis firm LookOnChain, a dormant Bitcoin (BTC) miner wallet has woken up after 14 years. The miner earned 50 BTC from mining on Apr. 23, 2010, and held on to the coins till this day.
BTC’s price in April 2010 was less than $0.01. Therefore, the 50 BTC would have been worth around $0.5. Today, the 50 BTC are worth around $3.28 million. The miner made a profit of about 655,999,900% (655.9 million percent).
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According to LookOnChain, the wallet deposited the Bitcoins (BTC) to Coinbase earlier today. The wallet holder may be looking to book profits, given that BTC is close to its highest levels ever.
Moreover, it is also possible that the wallet holder is expecting a further market correction, given the latest attack on Israel by Iran. The conflict has caused the stock market to take a hit, and investors may be anticipating a similar pattern in the crypto market.
Will Bitcoin (BTC) face another correction?
The movement of assets into exchanges is considered bearish as it increases the chances of them being sold. Moreover, it signals low investor confidence. However, BTC might enter another bullish phase.
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Bitcoin (BTC) will undergo its next halving cycle later this month. Many analysts consider halvings bullish as they reduce the supply of an asset.
According to CoinCodex, BTC will hit a new all-time high this week. The platform anticipates BTC to reach $74,148 on Apr. 19, 2024. Hitting $74,148 from current levels would translate to a growth of about 11.89%.
Moreover, CoinCodex expects BTC to continue surging for the next few weeks, hitting $85,986 on May 12, 2024. Reaching $85,986 from current levels would translate to a growth of nearly 30%.
Changelly also paints a bullish picture for Bitcoin (BTC) over the next few weeks. The platform anticipates BTC to hit $74,298 on Apr. 20, 2024 and continue surging to $85,139 by May 11, 2024.