[CryptoQuant CEO shares Satoshi Nakamoto’s original Bitcoin goals]
CryptoQuant founder and CEO Ki Young Ju discussed Bitcoin’s place in financial markets in the post. He pointed out that Bitcoin investors are divided into two groups: one group sees Bitcoin as a technology stock, and the other group sees it as digital gold. The former will panic sell and buy physical gold when the market is turbulent. Ki Young Ju cited Satoshi Nakamoto’s opinion that Bitcoin should rise during hard times.
Cryptocurrency trader and analyst Ali Martinez posted a chart showing where Bitcoin is currently trending and predicting its future direction. According to Martinez, Bitcoin is currently forming a rising wedge pattern, which typically reverses and causes the price to fall. So while Bitcoin could rise to $56,000 or $57,000 from its current level of $55,172, a drop to $51,000 is still possible.
Martinez mentioned in an earlier post that although institutional investment in Bitcoin has reached an all-time high, market sentiment is still in the "extreme fear" zone. Bitcoin is recovering after an 18% drop at the start of the week, crashing from around $60,000 to below $50,000 on Monday. Bitcoin has recovered around 11% of its lost value so far, trading at $55,253. Overall, Bitcoin lost nearly 24% between Friday and Monday, crashing from the $65,300 area.
