A Bitcoin whale transfers about $40 million after a decade of inactivity

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Crypto news in the last few hours: a Bitcoin whale has woken up after more than a decade of inactivity, transferring more than 1,400 BTC to a new address, thus moving about $40 million.

Below are all the details. 

Bitcoin whale: all the movements that have occurred in recent months 

As anticipated above, a wallet containing a substantial amount of Bitcoin recently moved its 1,432.93 BTC, equivalent to a value of $37.8 million, to a new address after more than 10 years of inactivity.

The address at issue initially received the Bitcoin on 9 April, when they were priced at just $195.40 per coin, according to an observation by on-chain analyst Lookonchain on Twitter: 

Interestingly, this transfer follows a series of similar movements that have occurred in recent months. 

For example, on 24 April, a Bitcoin “whale,” an address with a large amount of Bitcoin that had been dormant for 12 years, transferred nearly $11 million in Bitcoin to another address. 

This move came only days after another “whale” address moved nearly $61 million in Bitcoin after nine years of inactivity, and a separate wallet transferred 279 Bitcoin after ten years.

Moreover, on 24 April, an Ethereum address that had participated in the project’s initial coin offering emerged after more than seven years of inactivity and transferred a single Ether.

Some Bitcoin price predictions: strong rally coming?

A renowned digital asset analyst, known by the pseudonym Bluntz, has made some positive predictions for Bitcoin (BTC), specifically suggesting that the leading cryptocurrency is poised for a significant rally.

Through his comments on Twitter, Bluntz speculates that Bitcoin’s trend indicates an upcoming upward trend. In fact, his forecast indicates that Bitcoin’s value has surpassed $28,800, representing a significant increase given current market conditions.

As can be read, he notes that Bitcoin’s recent activity suggests a shift from a steady rise toward a more impulsive pullback. 

Based on the data, we know that on 6 June Bitcoin managed to rebound from a crucial support line established at $25,250

This recovery attempt reveals a strong defense by buyers determined to hold this level. However, despite the solid rebound, Bitcoin faced significant resistance near its moving averages, indicating a persistent presence of sellers. 

Considerations for Bitcoin and the crypto market after the SEC’s charges against Binance 

As for Bitcoin, the bearish market is expected to make a new attack to bring the cryptocurrency’s price down to the $25,250 line. 

This is a key level of great importance for investors and traders, as a breach and a close below it could trigger a descent towards $20,000.

Thus, such a pronounced correction could delay the start of the next uptrend. 

On the other hand, supporters of the uptrend are likely to focus on this drop between the $25,250 line and the channel support line to make aggressive acquisitions

For an upward trajectory, buyers will need to push Bitcoin’s value above the channel resistance line, signaling the end of the current corrective phase. 

If this is successful, it could trigger a rally that would push Bitcoin’s price toward the $31,000 level.

In general, over the past two days, there has been an increase in volatility in the market for other cryptocurrencies as well. 

This movement follows actions taken by the US Securities and Exchange Commission (SEC) against two major cryptocurrency exchanges, Binance and Coinbase.

However, the most recent data provided by Glassnode offers an encouraging perspective. Indeed, on 5 and 6 June, a reduction of 12,600 Bitcoin was observed from the trading balances, thus suggesting that traders are keeping calm, unlike the panic that occurred with FTX in November. 

This behavior highlights a level of stability among investors, even amid regulatory turbulence and market instability.