U.Today – Ki Young Ju, founder and CEO of on-chain data aggregator CryptoQuant, has settled a long-standing debate over the status quo in financial markets. To do so, he used an argument he believes Satoshi Nakamoto made on the subject.
Satoshi’s View on Bitcoin According to Ju
Ki Young Ju posted a tweet to address the issue of many investors in the market debating the status of Bitcoin. The Bitcoin investment community, the CryptoQuant founder wrote, has split into two groups. One consists of those who treat BTC as a tech stock, the other is those who believe the greatest cryptocurrency is digital gold.
While both groups of investors buy and hold Bitcoin, those who consider it a tech stock panic and sell it during market turmoil and buy physical gold. “We don’t need them,” Ki Young Ju said. He presented the vision of Satoshi Nakamoto, the creator of Bitcoin, to the community as an argument: “BTC should grow in difficult times — that’s Satoshi’s original intention.”
Bitcoin Could Fall to $51,000: Analyst
Cryptocurrency trader and analyst Ali Martinez has published a chart showing the current trend of Bitcoin and shared his prediction on what direction he thinks the flagship cryptocurrency will go.
According to Martinez, BTC is currently forming a Rising Wedge pattern, which often reverses and ends with the asset falling (in the case of a Falling Wedge, the price would reverse to the upside). Hence, the analyst warns of a potential breakdown towards the $51,000 level, even if Bitcoin could rise to $56,000 or $57,000 from the current trading point of $55,172.
In a tweet earlier, Martinez wrote that, amazingly, despite institutional investment in Bitcoin reaching an all-time high, market sentiment remains in the “extreme fear” zone.
BTC has begun to recover after an 18% drop earlier this week. The flagship cryptocurrency fell from around $60,000 and fell deep below the $50,000 level on Monday. So far, Bitcoin has managed to recover around 11% of its lost value and is changing hands at $55,253. Overall, Bitcoin’s losses between Friday and Monday amounted to almost 24%, as BTC fell from the $65,300 zone.
