U.Today – Ki Young Ju, founder and CEO of on-chain data aggregator CryptoQuant, has put to rest the long-standing debate over the status of cryptocurrencies in financial markets. To do so, he used what he believes to be an argument put forward by Satoshi Nakamoto on the matter.
Satoshi's vision of Bitcoin by Ju
Ki Young Ju posted a tweet to address the debate over the state of Bitcoin among many investors in the market. The Bitcoin investor community, the CryptoQuant founder wrote, has split into two camps. One consists of those who treat BTC as a tech stock, the other of those who believe the biggest cryptocurrency is digital gold.
While both groups of investors buy and hold Bitcoin, those who consider it a stock market panic sell it during market turbulence and buy physical gold. “We don’t need them,” said Ki Young Ju. He presented the vision of Satoshi Nakamoto, the creator of Bitcoin, to the community as an argument: “BTC should rise in difficult times – that is Satoshi’s original intention.”
Bitcoin could fall to $51,000, says analyst
Cryptocurrency trader and analyst Ali Martinez posted a chart showing the pattern Bitcoin is currently forming and shared a forecast on what direction he expects the flagship cryptocurrency to take next.
According to Martinez, BTC is now forming a rising wedge pattern, which often reverses and ends in an asset falling (in the case of a falling wedge, the price would reverse to an increase). Therefore, the analyst warns of a possible breakout towards the $51,000 level even if Bitcoin could rise to the $56,000 or $57,000 level from the current trading point at $55,172.
In a tweet posted earlier, Martinez wrote that, surprisingly, despite institutional investment in Bitcoin hitting an all-time high, market sentiment remains in the “extreme fear” zone.
BTC has started to recover after the 18% drop it experienced earlier in the week. The flagship cryptocurrency plummeted from around $60,000 and dipped deep below the $50,000 level on Monday. By now, Bitcoin has managed to recover about 11% of the lost value and is trading at $55,253. In total, the losses suffered by Bitcoin between Friday and Monday amounted to almost 24% as BTC plummeted from the $65,300 area.
This article was originally published on U.Today
