Bitcoin faces volatility amid dormant wallet activity and price predictions

Bitcoin has experienced significant volatility, recently fluctuating around the $80,000 mark. While prices reached highs above $82,000 in early September, market sentiment has been impacted by strong US employment data and expectations regarding Federal Reserve interest rate decisions.

Mark Yusko, CIO of Morgan Creek Capital Management, warned that recent price action may indicate an overbought region within a bear market. He suggested that a cycle bottom could occur around October 5, 2026, with potential short-term price drops toward $58,000 or $60,000. Despite these warnings, Yusko noted that indicators like Metcalfe’s Law suggest a long-term value of $105,000.

In related on-chain activity, seven Bitcoin wallets dating back to the Satoshi era have become active after approximately 16.5 years of dormancy. These wallets, which contain mining rewards from March 2010, moved a total of 350 BTC, valued at approximately $28 million. The movement appears to be transfers between wallets rather than direct sales to exchanges, resulting in limited immediate market impact.