A dormant BTC whale moved $122.5M, sparking brief investor fear as Bitcoin price consolidates and waits for a bullish breakout catalyst.
Since a single dormant whale has transferred $122.54 million in tokens, the resurgence of the dormant BTC whales has gained additional support, increasing the danger associated with the price of Bitcoin.
Following the ATH rally, the token has entered a consolidatory phase, and investors are becoming increasingly concerned that it may crash if the sell-off action persists.
6-Year-Old Dormant Whale Raises Fears Of Bitcoin Price Crash
Lookonchain, an on-chain analytics platform, reported the discovery of a 6-year-old inactive wallet in an X post.
At the current price of Bitcoin, a Bitcoin whale with the wallet address “16yr3M” has emerged from hibernation and transferred 1,042 BTC, or $122.54M.
According to Lookonchain, Brains Mining and Xapo Bank gave these tokens to the whale six years ago.
Bitcoin was only valued at $8,746 at the time, a 1243.64% rise today.
Notably, several whales from the Satoshi era have surfaced recently; in the last few days alone, one of them moved $2 billion worth of tokens.
CryptoQuant’s observation of the rise in Bitcoin exchange inflows raised concerns about a crash.
Notably, Bitcoin’s performance dropped when the news broke of the $122.54 transfer because investors were wary of the whale’s move.
In addition, other whales’ sell-offs, the release of CPI data, and other factors have caused Bitcoin to struggle since yesterday.
Bitcoin Price Is Still Volatile Today, But It Is Starting To Recover
At the time of writing, Bitcoin had recovered the critical $118.5k support after a slight pullback today, giving investors hope for a future rebound.
With a 1.6% increase today, Bitcoin has successfully hit $118.9k.
This demonstrates that when investors differentiate these significant whale movements from a selling mindset, they become more tranquil.
Additionally, Bitcoin ETF inflows are at an all-time high of $14.8 billion in YoD, indicating robust investor confidence.
According to cryptocurrency researchers VIP Signale Bitcoin price prediction, the token returns to the necessary support.
The price of Bitcoin can recover the ATH level between $122k and $1123k if it stays above it; if it is rejected from this level, a drop to $115k can ensue.
The US PPI data release and other technical considerations must be considered, but if the purchasing trend persists, the support might be set.
Overall, the performance of the Bitcoin price today points to a brief recharge halt while it looks for new catalysts to advance.
