The analysis company CryptoQuant recently shared a statement in which it pointed to two indicators that can push the Bitcoin price further down. Now it turns out that 2,500 ancient Bitcoins have awakened from their seven-year hibernation.
Bad news for the price
In general, it is a bad thing that old Bitcoin is suddenly moving again. Especially at times like these, when it is not inconceivable that people have to sell to make ends meet. After all, there are many Bitcoiners who are completely dependent on Bitcoin for their finances. They collected large amounts of Bitcoin over the years and thought they would have enough for the rest of their lives.
With the falling prices, that idea comes under pressure and to take some risk off the table, these types of figures now sometimes sell some Bitcoin. An example of this is Bitcoin TINA, a Twitter influencer who is approaching retirement age and had 98 percent of his wealth in Bitcoin. He also recently chose to sell some of his Bitcoin and share it on Twitter. Not everyone in the community was happy about that, but unfortunately it is the reality.
Two bearish indicators
That leaves us with a discussion of the two indicators that CryptoQuant says paint a very bearish scenario for Bitcoin. The first is the Bitcoin Spent Output Age Bands (7y~10y) chart. Almost every time older whales move their Bitcoin, we see a downward trend for the price not much later. The first 10 days of September have already set 15,000 of this Bitcoin in motion and now 2,500 Bitcoin again.