Bitcoin Price Prediction: Hackers Target $8.7B Mt. Gox Wallet – Could a Breach Trigger Market Chaos? 

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

July 9, 2025

Bitcoin is trading near $109,690 today, following a clean breakout above $109,000. But behind the price action, a historic BTC address tied to the Mt. Gox hack is back in the spotlight, and not for good reasons.

According to BitMEX Research, scammers are targeting the wallet that received 79,956 BTC back in 2011, now worth over $8.7 billion. The method? A phishing transaction embedded with OP_RETURN, a tool that lets users write text directly onto Bitcoin’s blockchain. This particular message pointed the wallet owner to a suspicious website pretending to be from Salomon Brothers.

The wallet, long untouched, is part of the fallout from the Mt. Gox collapse, where 850,000 BTC vanished. Only 140,000 BTC have since been recovered, and many remaining coins sit idle in addresses like this one.

This scam attempt isn’t just noise; it taps into broader market concerns about legacy wallets, lost coins, and what might happen if they move. While no breach has occurred, the timing aligns with a breakout on the chart, giving traders even more reason to stay alert.

BTC/USD Breakout Above Triangle Structure

ßOn the 2-hour chart, BTC broke through the upper boundary of a symmetrical triangle that had been forming since early July. That range had been squeezing tighter with higher lows and lower highs, so a volatility expansion was expected.

The price is now trading above the 50-period SMA ($108,550), and the structure is turning bullish again. The RSI is at 63.39, showing firm momentum without crossing into overbought territory. In short, buyers are in control—but not in a state of panic.

Resistance levels to watch are:

• $110,051 – prior swing high
• $110,550 – a clean breakout continuation zone
• $110,960 – extended resistance from June

Trade Setup: Symmetrical Breakout with Retest Potential

Here’s how I’d structure this trade:

Breakout Strategy

• Entry: Above $109,200 (confirmed 2H breakout)
• Stop-loss: Below $108,250 (SMA + lower triangle line)
• Target 1: $110,051
• Target 2: $110,550
• Extended Target: $110,960

The breakout happened cleanly, and price held above the key moving average. If volume picks up, there’s room for this to run another 1–2% before facing real resistance. I’m watching how price behaves around $110K—if it stalls, partial profit makes sense.

Retest Option

If we get a dip back to $109,200, I’d look for a rejection candle (hammer or bullish engulfing) for a tighter re-entry. In my experience, these symmetrical triangle breakouts often come with one shakeout move before continuation.

For now, the setup remains valid unless we see a daily close back below $108,250.

Bitcoin Hyper Presale Over $2M as Price Rise Nears

Bitcoin Hyper ($HYPER), the first Bitcoin-native Layer 2 powered by the Solana Virtual Machine (SVM), has raised over $2 million in its public presale, with $2,061,881 out of a $2,510,240 target. The token is priced at $0.012175, with the next price tier expected to be announced soon.

Designed to merge Bitcoin’s security with Solana’s speed, Bitcoin Hyper enables fast, low-cost smart contracts, dApps, and meme coin creation, all with seamless BTC bridging. The project is audited by Consult and engineered for scalability, trust, and simplicity.

The golden cross of meme appeal and real utility has made Bitcoin Hyper a Layer 2 contender to watch in 2025. With staking, a streamlined presale, and a full rollout expected by Q1, $HYPER is gaining serious traction.