Bitcoin is falling : a whale sold 10,000 Bitcoin from Mt Gox

The price of Bitcoin (BTC) is back to $20,000 after a turbulent weekend. Short-term scenarios give the choice of a rise to $23,000, or a fall to new lows for the year.

Peter Schiff, a social media critic known for his crypto “doom mongering,” is famous for predicting the 2008 stock market crash.

Recently, he tweeted a BTC price chart that showed why he thinks Bitcoin’s price will fall further.

There still seems to be a lot of buyers for #Bitcoin below $20K. But there are also a lot of sellers above $20K. I think the market runs out of buyers before it runs out of sellers. What do you think happens first?

— Peter Schiff (@PeterSchiff) August 28, 2022

The pattern remains very bearish,” he said. Minimum support will be tested below $10,000.

Is Peter Schiff’s prediction coming true because at the time of writing this article, the price of Bitcoin is $1,807.

A Bitcoin whale selling for 10,000 btc is not very bullish!

In fact, two addresses created on December 19, 2013 sent 10,000 bitcoins worth $203 million to unknown wallets after sitting idle for nearly nine years. Onchain’s data shows that the 10,000 coins moved this week were originally from the Mt. Gox hack that occurred on June 19, 2011.

The whale that held 134,000 bitcoins from the 2011 Mt. Gox hack is spending the last 10,000 this week.
A 2013 whale moved about 10,000 BTC on Sunday, August 28 and Monday, August 29, 2022. The funds came from two addresses created on December 19, 2013.

The 10,001 bitcoin transaction was detected by the blockchain parser btcparser.com a tool that often identifies “dormant bitcoins” that move after sitting idle in addresses for years. Here are some of the dormant bitcoins spotted by BTC blockchain analyzers that were mined in 2011, 2010 and 2009.

The first transaction for 5,001,514 BTC was sent on August 28 and confirmed at block 751,518. The other 5,000 BTC was sent the next day, August 29, and confirmed at block height 751,723.

The 2013 bitcoins were sent in two batches of 5,000 bitcoins per transaction, then divided into several smaller transactions. For example, one address was divided into several fractions of 47.98 BTC and a single transfer for 200.99 BTC.

The address “14RKF” that sent the 5,000 BTC came from an 18JPr wallet that once contained 24,404.50 BTC. The 24K BTC from the 18JPr wallet was originally received on November 24, 2012.

Some of the wallets that received fractions of 47.98 BTC on Monday still hold the funds, but the 200.99 BTC was scattered in other addresses. The address 15n6b that scattered 5,001.514 BTC on the previous day, August 28, 2022, also came from wallet 18JPr that contained 24,404.50 BTC.