What’s interesting to note is that the last time a transaction was made from this era of holders, Bitcoin recorded a 28% jump days later.
Satoshi is believed to own about 1 million BTC. The prospect of him/them selling this holding (in whole or part) could trigger the worst selloff in Bitcoin history and cause serious damage to the crypto industry as a whole.
Yesterday’s event triggered a sharp decline in Bitcoin which caused the crypto to shed about $500 in just an hour. This ‘mini’ selloff is believed to be an overreaction to the news, which means that Bitcoin could be in the process of seeing a steep recovery in the coming hours. Also, considering past occurrences with Satoshi-era transactions, Bitcoin is very likely to witness a massive bull run soon.
Bitcoin (BTC) Value Forecast — May 21
BTC/USD Major Bias: Bullish
Supply Levels: $9,500, $9,800, and $10,000
Demand Levels: $9,200, $9,000, and $8,800
The sharp decline seen yesterday—induced by the event documented in this article—has put Bitcoin in a precarious zone (below the $9,500 pivot level). BTC is trading at the $9,300 – 400 level at press time and needs to recover above the $9,550 level soon to regain its bullish momentum. Failure to recover above this line, and soon, could send BTC down to subsequent support levels.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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