Bitcoin's BTC Dominance: Experts Predict 12% Growth in Coming Weeks

Bitcoin’s BTC Dominance: Experts Predict 12% Growth in Coming Weeks

Updated: 16 August 2023

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The Bitcoin community was surprised to see a long-dormant wallet abruptly wake up after lacking any activity for almost 13 years. The wallet, last active when Satoshi Nakamoto was still around, unloaded $29.75 million worth of BTC. According to blockchain data, the unknown whale had 1,005 BTC in their wallet.

💤 💤 💤 A dormant address containing 1,005 #BTC (29,750,772 USD) has just been activated after 12.8 years!https://t.co/rLkpUZUvfH

— Whale Alert (@whale_alert) August 14, 2023

They received 1,000 BTC in November 2010, when Bitcoin’s price was only $0.225. After that, another 5 BTC entered the wallet in April 2011, and at that point, BTC was already worth $1.31.

At this point, the whale’s BTC holdings saw a 12,848,100% increase in value. It is also worth noting that the wallet received tiny amounts of Bitcoin on several occasions over the past 12 years. This might indicate possible dusting attacks, where hackers send trace amounts of crypto dust to wallets to break the wallet owner’s privacy.

Bitcoin price drops closer to $29k support.

While the ancient wallet was unloading its Bitcoins, the coin’s price dropped further down, breaking the support at $29.3k and dropping to the one at $29.1k. With the drop, Bitcoin came closer to significant support at $29,000, threatening to break it again and return to the $28k range.

The drop happened late on August 15 in a single sharp drop. After that, the price slightly recovered to $29.2k, but this new resistance level rejected it back to $29.1k. The price attempted to recover again, only for the same scenario to play out.

At the time of writing, Bitcoin is again moving toward the resistance at $29.2k, showing some buying pressure. However, it is not strong enough to break the resistance.

Some analysts expect that this is a beginning of a significant price drop that will take Bitcoin to $24k shortly, as it appears that the whales are getting ready to dump Bitcoin.

Bitcoin hash rate nears record highs

Fortunately, it is not all bad news for BTC, as Bitcoin miners can breathe easier now that the hash rate is moving toward record highs. Hash rate analysts highlighted a significant shift through the lens of hash ribbons, a market indicator predicting the coin’s bottom for when mining becomes too expensive compared to the rewards.

Luckily, the ribbons suggest that the mining sector is seeing a reasonable period, with the worst phase of miner capitulation finally subsiding. The 30-day MA of the hash rate crossing above the 60-day MA is a vital signal of the trend.

Wall Street Memes presale raises over $24 million

Wall Street Memes (WSM) presale continues to dominate the meme coin sector as one of the most successful presales in history. The project has managed to raise over $24.2 million at the time of writing, and the current phase of the presale will continue for nearly three full days.

The WSM token is selling for $0.0334 but will increase to $0.337 in less than three days. Anyone interested in buying the token before that happens can do so in exchange for ETH, BNB, USDT, or pay via credit card.

The Wall Street Memes token is a nod to a subreddit allied WallStreetBets — a group of amateur investors who stood up against institutions in 2011, engaging in massive stock purchases to counter institutional stock shorting. At the time, institutional investors were shorting stocks to make a profit, but their actions threatened to ruin multiple companies. Reddit investors came to their aid and successfully boosted their prices through increased demand.

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