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Is Bitcoin’s Big Success Coming? Satoshi’s ally predicts when
Gamza Khanzadaev
The price of Bitcoin remaining above $70,000 triggers the attention of Adam Back, closely linked to Satoshi Nakamoto
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The price of Bitcoin has remained fairly stable around $70,000 since mid-May now. Despite this, the cryptocurrency’s price showed minimal movement, fluctuating within a narrow 6% range. This period of low volatility has frustrated market participants, especially as Bitcoin’s all-time high of $74,000 remains tantalizingly close but seemingly out of reach.
The lack of price movement has seriously bothered traders and investors and there has been a lot of talk about price manipulation. Adam Backcontemporary of Bitcoin’s mysterious creator Satoshi Nakamoto, addressed these concerns in a recent discussion.
Back suggested the current price squeeze could be due to some sellers urgently needing cash and dumping it Bitcoin shareholdings. He said these sellers, who may be unwilling or unable to wait for higher prices, have a limited supply of Bitcoin sell. Once they sell all their holdings, the market could start to rise again, the entrepreneur says.
These comments match what many people in the cryptocurrency community feel. Many think that things like institutional investors and trading platforms like ETFs and Coinbase could influence the market. The idea is that these entities, possibly in collaboration with official agencies, are trying to keep prices stable or lower them for their own strategic advantage.
When is the breakout?
However, Back’s outlook offers a glimmer of hope in current market conditions. The idea that sellers’ current influence is temporary suggests that once their selling capacity runs out, Bitcoin could resume its upward trajectory.
BTC to USD by CoinMarketCap
This view is in line with historical price movement, as there have often been periods of consolidation before large price spikes.
In summary, while the current trading range and low volatility are testing the patience of market participants, The price of Bitcoin it could break free from the current stagnation, potentially reaching new highs once the immediate liquidity needs of these sellers are met.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.