Ki Young Ju, founder and chief executive officer of the on-chain data aggregator CryptoQuant, has settled the long-running debate on the status of Bitcoin in the financial markets. To do that, he used what he believes to be an argument made by Satoshi Nakamoto about this.
Satoshi's view of Bitcoin per Ju
Ki Young Ju published a tweet to address the issue of many investors in the market debating about the status of Bitcoin. The community of Bitcoin investors, 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 that the largest cryptocurrency is digital gold.
#Bitcoin investors are split: some see it as tech stock, others as digital gold.Digital gold believers stay steady, while tech stock believers panic sell and switch to gold in bad macro. We don’t need them.BTC should rise in tough times—that's Satoshi's original intent.
— Ki Young Ju (@ki_young_ju) August 5, 2024
While both groups of investors buy and hold Bitcoin, those who consider it a technology stock panic sell it during a market turmoil and buy physical gold. “We don’t need them,” Ki Young Ju said. He gave the vision of Satoshi Nakamoto, the Bitcoin creator, to the community as an argument: “BTC should rise in tough times — that’s Satoshi’s original intent.”
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Bitcoin might plunge to $51,000: Analyst
Cryptocurrency trader and analyst Ali Martinez has published a chart on which he showed the pattern Bitcoin is currently making and shared a forecast on what direction he expects the flagship cryptocurrency to go next.
According to Martinez, BTC is now forming a Rising Wedge pattern, which often reverses and ends in an asset’s decline (in the case of a Falling Wedge, the price would reverse to a surge). Therefore, the analyst warns of a potential breakdown toward the $51,000 level even if Bitcoin could climb to the $56,000 or $57,000 level from the current trading point at $55,172.
In the short term, #Bitcoin forms a rising wedge, a pattern often linked to downtrends. Though $BTC might climb to $56,000-$57,000 at the wedge's upper boundary, watch for a potential breakdown that could pull #BTC back to around $51,000! pic.twitter.com/qwBvwwHNnO
— Ali (@ali_charts) August 6, 2024
In an earlier published tweet, Martinez wrote that, amazingly, despite institutional investment in Bitcoin reaching a definite all-time high, market sentiment remains in the zone of “extreme fear.”
BTC has begun to recover after the 18% plunge experienced at the start of the week. The flagship crypto crashed from roughly $60,000 and gone deep down below the $50,000 level on Monday. By now, Bitcoin has managed to recover approximately 11% of the lost value and is changing hands at $55,253. Overall, the losses suffered by Bitcoin between Friday and Monday totaled almost 24% as BTC collapsed from the $65,300 zone.
