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

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.

There appears to be an ongoing Bitcoin scam occurring. Someone is sending old 2011 era Bitcoin addresses with balances, transactions with an OP_Return output. For instance the 1Feex… address, with c80,000 BTC stolen from MtGox. The OP_Return message is as follows

“NOTICE TO… pic.twitter.com/lAT5ONPD4f

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.

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.

Bitcoin breaks above $109K just as scammers target a dormant $8.7B Mt. Gox wallet. Clean symmetrical triangle breakout with RSI confirmation. Bulls eye $110.5K–$110.9K next. Structure looks solid unless we drop back below $108.2K. Watching the retest. #BTC #Crypto pic.twitter.com/hmIVXPEFiG

Resistance levels to watch are:

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

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.

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