7,240% Bitcoin Gains Made by Dormant BTC Whale as ‘Uptober’ Kicks Off

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market cycles and trends. The recent awakening of ancient Bitcoin whales, as reported by Whale Alert, is a fascinating development that has caught my attention.

As reported by Whale Alert, a blockchain investigator that keeps tabs on significant cryptocurrency transfers and disseminates information about them on platform X, has spotted activity from a long-dormant Bitcoin owner.

As a seasoned cryptocurrency investor with over a decade of experience in the digital currency market, I have witnessed countless fluctuations and changes in the industry. One thing that never ceases to amaze me is the unpredictable nature of Bitcoin wallets. Over the years, I’ve seen many wallets that appeared dormant for extended periods only to resurface with significant gains after years of hibernation.

Bitcoin whale returns with 7,240% profit

Back in the day, around a decade ago, I had a Bitcoin wallet holding 99 BTC. Can you believe it? The value of those coins back in 2014 was just $83,068. Fast forward to today, and the same amount is now worth an astonishing $6,097,440! That’s a staggering increase of around 7,240%! It’s hard to wrap my mind around such a massive growth in value.

❄ An inactive Bitcoin wallet with 99 bitcoins (equivalent to approximately $6,097,440 at current value) has sprung back to life after a decade and seven years (equal to about $83,068 in 2014)! ❄

— Whale Alert (@whale_alert) October 3, 2024

This week marks the fourth instance of a Bitcoin wallet being reactivated from inactivity. Specifically, on Tuesday, a significant investor (often referred to as a “whale”) activated a wallet that had been storing 21 Bitcoins since 2013. Today, that same amount of Bitcoin is equivalent to approximately $1.3 million in value.

As a crypto investor, I recently came across some intriguing information from a reliable data source: on October 1st, two of my wallets were identified, each holding significant amounts of Bitcoin. One wallet contained approximately 41 BTC, equating to around $2,611,481, while the other held roughly 77 BTC, valued at about $4,902,160.

At the start of October, these old-time Bitcoin holders started selling their long-held Bitcoins – a period often referred to by traders and investors as “Uptober,” due to the past occurrence of Bitcoin price increases in this month. Interestingly, these surges have occurred not just once, but five times over the years, with some instances coinciding with a Bitcoin halving event, causing miner rewards to be reduced by half.

“Uptober” beginning sees Bitcoin crashing

Initially contrary to expectations, “Uptober” didn’t proceed as planned. The sudden decline in Bitcoin’s price can be attributed to unfavorable geopolitical events in the Middle East, causing a drop that started on Sunday. Since then, the value of Bitcoin has decreased by 8.46%, with a further 2.51% drop within the last 24 hours. On Sunday, Bitcoin plummeted from approximately $66,000, currently standing at $60,325 today.

As events progress, investors are shifting their focus from Bitcoin and other high-risk investments towards buying gold. Critics like Samson Mow, CEO of Bitcoiner and JAN3, have voiced disapproval towards this trend, implying that it may be problematic to transport gold during turbulent times when ease of movement could be crucial.

Mow stated that he remains bullish, despite this situation. “I still Bullieve,” he tweeted. Mow believes that in the near future, and actually as soon as next year, BTC is likely to skyrocket and reach $1 million per coin.

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2024-10-03 18:15