Recently, a dormant Bitcoin whale, who had not touched their funds for over 11 years, has made a surprising move by resurfacing in the cryptocurrency market and moving 1,037.42 BTC, worth over $37.8 million, to a new address. This transaction is particularly noteworthy, as the whale first received the funds back in April 2021 when the price of Bitcoin was around $4.92 per token. Taking these prices into account, the whale’s funds were worth over $5,107 when they were received, meaning that the transaction may be realizing a gain of over 740,000%.
This sudden move in the cryptocurrency market comes at a time when several financial behemoths, including BlackRock, Fidelity, and Invesco, have filed to list a spot Bitcoin exchange-traded fund (ETF) in the US. This has sparked bullish price predictions from various analysts, as Bitcoin’s price surged after these filings were made. As a result, a popular anonymous analyst has suggested that Bitcoin could surge to $40,000 or even $50,000 ahead of the cryptocurrency’s upcoming halving around April 2024.
Moreover, best-selling author Robert Kiyosaki has predicted that Bitcoin could rise to an astounding $120,000 in the near term, which is seemingly in line with the price target of London-based multinational banking and financial services firm Standard Chartered. The bank recently suggested that Bitcoin’s price could surge to $50,000 this year and could breach the $120,000 mark by the end of 2024. Standard Chartered has even revised its earlier prediction of Bitcoin reaching $100,000 by the end of 2024, citing increased miner profitability per BTC as a key factor in pushing the cryptocurrency’s price higher.
All in all, the cryptocurrency market is experiencing a surge in activity, as more investors and financial institutions are beginning to recognize the potential of cryptocurrencies like Bitcoin. While there are still concerns and uncertainties surrounding the market, the recent moves by whales and financial giants underscore the growing interest and confidence in the future of cryptocurrencies.
Source: Cryptoglobe
