A crypto whale, identified by Whale Alert, has made headlines by reawakening a Bitcoin wallet dormant since August 2011.
At the time of the last transaction, Bitcoin was priced at just $8.79, and the holder’s 59 BTC were worth about $524. Fast forward to today, and those same Bitcoins are valued at $3.78 million, reflecting a return on investment (ROI) of over 725,000%.
Despite this massive profit, the whale has only made a small transaction of 0.00000778 BTC ($0.49) to test transfers, keeping the bulk of their Bitcoin untouched. According to Arkham Intelligence, the Bitcoin holder still retains all 59.723 BTC, signaling their confidence in further price growth.
Bitcoin Price Gains Momentum
Bitcoin has experienced a strong 9% rise over the past week, trading at $62,905. This performance is particularly significant given that September is typically a challenging month for BTC. Analysts have dubbed this rally the beginning of “Uptober,” a term used to describe October’s historically bullish market conditions. With many speculating on further price increases, some experts are predicting Bitcoin could surge to $120,000.
Could Bitcoin Hit $120K?
With the Fed’s rate cut fueling optimism and the prospect of a broader market bull run, many analysts believe Bitcoin has the potential to reach new highs. If Bitcoin were to rise to $120,000, the whale’s 59 BTC would be worth approximately $7.08 million—doubling the current value.
Final Thoughts
After 13 years of dormancy, a Bitcoin whale has re-entered the market, now holding 59 BTC worth $3.78 million. Having purchased the tokens for just $524, the investor has gained a mind-blowing 725,000%. As Bitcoin continues to gain momentum, with predictions of reaching $120K, this long-term holder’s investment could grow even further, potentially surpassing $7 million.
