According to cryptocurrency analysis firm Arkham, a Satoshi-era Bitcoin (BTC) whale recently sold $9.68 million worth of coins. The whale began mining BTC just five days after the assetโs genesis block in 2009. The whale still has around $72.09 million worth of BTC, meaning it had more than $80 million before the sale.
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Why Is The Bitcoin Miner Selling?
Source โ Bitcoin.com
The BTC whale may be booking profits after holding for more than a decade. Given that we are approaching the US presidential elections, the individual may be anticipating some volatility in the coming days.
When prices dip, the miner may buy more coins. The whale may also choose to purchase other tokens with the profits to make more money.
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The gains made by the individual are truly astonishing. Bitcoin (BTC) has been among the best-performing assets of the last decade-and-a-half, and the whaleโs long-term holdings prove that patience is key to generational wealth.
Will The Original Cryptocurrency Hit A New All-Time High?
Many analysts anticipate BTC to begin rallying over the next few weeks. Many are betting on Trump returning to the White House this year after a four-year absence. Trumpโs pro-crypto stance may trigger a rally, given he wins the Presidential elections.
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According to CoinCodex, BTC will surpass its previous peak later this month. The platform anticipates the asset to continue its upward momentum in November, hitting an all-time high of $92,007 on Nov. 20, 2024. Hitting $92,007 from current price levels will result in a 36.1% rally.
Source: CoinCodex
A Trump victory may propel the assetโs price to even higher levels than predicted. Some analysts anticipate BTC to breach the $100,000 mark later this year.