Bitcoin Price Drops $400 As Some Bitcoiners Conclude Satoshi Nakamoto Has Moved His BTC

The Bitcoin community has been discussing the recent transaction spotted by Whale Alert supposedly made by a wallet owned by Satoshi Nakamoto.

The forty BTC moved were mined back in 2009, in the first month of Bitcoin’s emergence.

??? 40 #BTC (391,055 USD) transferred from possible #Satoshi owned wallet (dormant since 2009) to unknown wallet

ℹ️ The coins in this transaction were mined in the first month of Bitcoin's existence.

Tx: https://t.co/hxDJGGtfF0

— Whale Alert (@whale_alert) May 20, 2020

Now, a crypto expert known as ‘Whale Panda’ has taken to Twitter to say that the speculation of Satoshi allegedly moving a tiny part of his Bitcoin stash has pushed the price of the king crypto down $400.

Bitcoin price calls he cites are $7,000 or lower, some are even as low as $3,000, the expert says.

At press-time, BTC is trading at $9,364, having dropped from the $9,700 area a day earlier.

‘Bitcoin dropped $400 because some Bitcoiners think Satoshi is moving his BTC’

On May 20, Whale Alert published a tweet informing the community that a wallet created in 2009 had moved forty BTC mined in the first week of Bitcoin’s existence.

Many in the community have assumed that this was the mysterious Bitcoin inventor Satoshi.

‘Whale Panda’ responded to that, according to him, groundless assumption. He says the community now expects a much further price drop.

While discussing this case with the Litecoin founder Charlie Lee and the Blockstream CSO Samson Mow, Whale Panda stated that the coins were moved by an early miner, not Satoshi.

No, Satoshi didn't move anything. It was just a very early miner.

— WhalePanda (@WhalePanda) May 21, 2020

CZ Binance also believes that Satoshi would hardly drop his one million BTC (let alone 40 BTC) onto the market. However, CZ says, there is certainly something to think about here.

‘This is a must bounce for $BTC here or it will get uglier’

Some traders indeed believe that in the current situation the price of the major P2P currency may drop lower. ‘Satoshi Flipper’ has shared a chart, saying that BTC should bounce now or things may get worse for it.

This is a must bounce for $BTC here or it will get uglier.

SO ... if you're not hedged, this is a good spot to do a short hedge.

If we break down here, I'll also close my large caps/USDT positions (only down 5k right now) - and I will increase my short hedge. pic.twitter.com/eQHrrQLu9F

— Satoshi Flipper (@SatoshiFlipper) May 21, 2020

Nik Patel, a trader and writer, has shared a similar take.

“That hourly triple bottom at ~$9270 doesn't look too pretty”