U.Today – Adam Back, veteran cryptographer and CEO of Blockstream, known as the co-author of the white paper mentioned by Satoshi Nakamoto himself, has broken his silence on current assumptions about the cryptocurrency market.
The market also doesn’t seem to be in a good mood at the moment, as Bitcoin has lost over 2% in the last 24 hours, hitting the key support zone at $60,000. The ambition to exceed $66,000 per BTC and reach a up-to-date record high in the so-called “Uptober” seems to be a bigger challenge now than it was at the end of September.
Back stressed that a retest of the $58,000 level would be necessary to take further action, pointing out his strategy to deal with the current situation. This level, previously a key support zone, has become an vital determinant for market participants navigating the recent confused times on the cryptocurrency market.
This level could be the next stop for Bitcoin if the bulls give up at the current level and the bears take control. However, a move below this level could open the door to as much as $52,000 per BTC and even more, to lows not seen since early August.
A drop to $58,000 and then a rally if it happens could be viewed more as a bounce or a bear trap. In such a case, the strategy that Adam Back is preparing to implement can bring significant benefits. However, if $58,000 per BTC is not the last stop and the bottom is a double bottom, then it would be good to have more cash on hand.
