A mystery Bitcoin ($BTC) whale shifted 412 coins from an address that had been inactive for the previous 11 years, indicating that some long-term investors are relocating their holdings as the cryptocurrency market improves.
PeckShield, a blockchain security startup, noticed the transaction and warned its followers on the microblogging network Twitter, leading to a study of the addresses’ money over time.
According to Bitcoin blockchain data, the address amassed $BTC through a series of transactions in 2012, when the flagship cryptocurrency was trading just barely above the $12 level.
Beginning in 2014, the address got a series of minor transactions that added “dust” to its balance, indicating a dusting attack. A dusting attack is a sort of cyberattack in which hackers try to breach Bitcoin and cryptocurrency users’ privacy by delivering little amounts of funds to their wallets.
Attackers monitor the transactional behavior of these wallets and employ address analysis to determine the identify of the person or entity behind the wallet.
The purchase happened after Bitcoin had its best month of January since 2013, with its price increasing more than 40% since the beginning of the year, signaling the beginning of a comeback from the cryptocurrency space’s over-a-year-long bad market.
Notably, according to one expert, the price of Bitcoin might soon reach $25,000, putting a “nail in the coffin” of $BTC bearish and short sellers, as the cryptocurrency’s 50-day moving average climbs above its 200-day moving average, making a golden cross.
According to Investopedia, a golden cross has three stages, the first of which requires a downturn to finally bottom out when selling is exhausted. The second step occurs when the shorter moving average “crosses over the bigger moving average to trigger a breakout and confirmation of trend reversal.” A third stage happens when an upswing continues.
On daily timescales, Bitcoin’s price charts last formed a golden cross in September 2021, almost two months before the flagship cryptocurrency’s price reached a new all-time high near $69,000.