Dormant wallet addresses are becoming active again as whales and institutional investors expect the Bitcoin (BTC) price to reach a new all-time record in the coming months and surpass $100,000 ahead of next year's Bitcoin halving.

The dormant whales are the US Federal Reserve, which has adopted a dovish stance; spot Bitcoin ETF applications from traditional financial giants like BlackRock, Fidelity Investments and Invesco; It has moved billions worth of BTC and other crypto assets over the past few months amid positive crypto fund inflows and Ripple's partial win against the US SEC.

Onchain data specialist Lookonchain announced on July 22 that another BTC whale that remained dormant for 11 years woke up and transferred its entire 1,037.42 ($37.8 million) assets to a new address called “bc1qtl.”

According to BitInfoCharts, the whale bought 1,037.42 BTC ($5,107) on April 11, 2012, while the price per Bitcoin was only $4.92. The wallet address achieved the highest profit of $59 million during BTC's peak.

Famous crypto journalist Colin Wu said:

“These funds may be held by hackers and their source of funds can be traced back to 2021 and continuing after 2015, during which time more than 40,000 BTC were distributed to hundreds of addresses.”

Could Bitcoin Price Reach $100,000 in 2024?

Standard Chartered Bank predicts that Bitcoin could reach $50,000 this year and reach $120,000 by the end of 2024. The bank's analysts expect increased hoarding of Bitcoin by miners. Famous author and financial educator Robert Kiyosaki, known for his book “Rich Dad Poor Dad,” predicts that Bitcoin will reach $120,000 in the near future.

In fact, BitMEX co-founder Arthur Hayes, Ark Invest CEO Cathie Wood, and PlanB, creator of the Stock to Flow model, are predicting a major rally in BTC price.

BTC price is currently trading at $29,945, up 0.5% in the last 24 hours. The lowest and highest values ​​in the last 24 hours are $ 29,746 and $ 30,046 respectively. Additionally, trading volume has decreased by 31% in the last 24 hours, indicating a declining interest among traders.

However, Bitcoin is holding strongly near the 30k level and many analysts are bullish on an expected post-FOMC breakout.

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