Bitcoin’s price has been trading sideways for months, confined to a narrow range between $58,000 and $65,000, leaving the market in a state of relative calm. However, that may soon change, according to analyst Ali Martinez, who highlighted a historical pattern involving dormant BTC.
Martinez noted a significant spike in on-chain movement of old, previously idle Bitcoin over the past 24 hours. Historically, such spikes have often preceded substantial market moves, he warned, issuing a “high volatility alert.” This observation comes as Bitcoin experienced a brief surge mid-week following lower-than-expected U.S. CPI data, which pushed the price from under $62,000 to a three-week high of $65,500, before a Friday dip brought it back toward $62,400. The cryptocurrency has since rebounded and is now challenging $64,000.
Adding to the anticipation, popular analyst Kaleo suggested a weekend pump could be in store for both Bitcoin and Ethereum. Meanwhile, Michaël van de Poppe emphasized that Bitcoin “looks fine” as long as it holds above $60,000–$61,000, but a decisive breakout above $65,000 is needed to confirm a bullish trend. He believes that breakout could occur as soon as next week.
The market remains on edge, with Bitcoin’s dominance steady at 56.5% and its market cap above $1.28 trillion. If history is any guide, the sudden awakening of dormant coins may soon inject the volatility that traders have been missing.
