Ancient Bitcoin Whale Nets $10.6M Profit in Profitable Sale

• An address from the Satoshi era sold 514 BTC, amassing a $10.6 million profit.
• The dormant address had held the BTC since 2017.
• Another address, dormant for 11 years, also recently cashed out on 412 bitcoins worth about $9.5 million.

Ancient Bitcoin Whale Profits 10.6 Million

An ancient bitcoin whale has sold all their coins, amounting to a massive $10.6 million profit. The whale had kept 514 BTC in an address since 2017 and sold them at the current price of around $21,700 – an impressive increase from the original purchase price of $910 per coin! This move sparked a new market cycle causing Bitcoin to move away from its current bear market state.

Another Dormant Address Cashes Out

Another long-term holder made waves when they cashed out on 412 bitcoins worth about $9.5 million from an address that was last used in 2012 when Bitcoin traded at just $12.50 each! This is yet another example of how current prices provide attractive returns for those who have been holding onto their coins for some time now.

Bitcoin Prices Soar

Since mid-January 2021, the price of Bitcoin has shot up from below $17,000 to above its year-to-date high of over $24,000 before correcting back down again to around the current price of around $21,880 at the time of writing this article. Such movements are uncertain but favor bulls in both short and long terms – with resistance close to the level of $22,400 and trend line zones while support lays close to the level of 21,500 should it fail to clear resistance at 22,100.

Predictions For Future Price Movement

Analysts predict that if Bitcoin can clear this resistance and break through the next significant resistance nears around $22,500 then we could see some further decent increases as investor confidence grows with such positive news coming out regarding whales cashing out for huge profits! On the other hand if it fails then we should expect it to drop towards levels close to$20,500 or even lower depending on how weak investor confidence becomes in response to any such failure or worse news coming in .

Conclusion

Overall these recent moves by whales have demonstrated not only how much potential success can be gained by holding onto one’s coins for extended periods but also show us that there is much more volatility and uncertainty left within this market so caution must still be taken whatever direction one chooses going forward with their investment decisions!