So we saw a dip today presumably due to 50 Bitcoin being transferred that were mined in 2009. The people who dumped panicked over speculation that Satoshi Nakamoto herself was dumping coins.
Apparently there is a pattern in Nakamoto's nonces that was not found in this block, so it seems that overwhelming consensus is that Nakamoto was not the owner of these coins, for many reasons.
Interestingly enough, Craig Wright says he doesn't own these coins either, but some previous court paperwork says he does, so he is lying either way. It would make sense to me if he did own them, as he was obviously mining during this time.
Many technical analysts are warning of a "double top".
Do you see a double top? I see like a triple or quadruple top. The market is simply being held back by 10k unit bias and uncertainty about the economy reopening. Even in the face of a Satoshi-dumping panic we are still at $9500.
A lot of pressure is getting built here. 10k has never been a relevant resistance or support. As soon as Bitcoin starts trading consistently above 10k The bears will be forced to abandon their shorts and turn bullish with the rest of us.
Don't forget, real bears hold Bitcoin and turn bullish all the time, and vice versa. It's all a matter of short-term speculation, but for the most part everyone is long-term bullish. Our history of exponential gains is absolute proof of this undeniable pattern.
In any case, I think it really comes down to news about the lockdown and when it will end. There are still billions on the sidelines just waiting to jump into the market. I read on Twitter today that buying Bitcoin for 10k in this climate is like buying hurricane insurance after the damage has already been done. I have to agree.
Return from Market Watch: May 20, 2020 to edicted's Web3 Blog
