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Bitcoin Price Starts Major Bull Run Every Time Satoshi-Era BTC Moves

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Wed, 05/20/2020 - 19:48
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Alex Dovbnya
If Satoshi’s comeback wasn’t on your 2020 bingo list, you might consider adding another bull run
Bitcoin Price Starts Major Bull Run Every Time Satoshi-Era BTC Moves
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The rumored return of Satoshi Nakamoto, the elusive Bitcoin creator, tanked the BTC price more than seven percent to its intraday low of $9,100 on the Bitstamp exchange.    

However, those who are concerned about this drop certainly miss the forest for the trees since each awakening of Satoshi-era coins was historically followed by massive price rallies

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Satoshi teases a comeback

On May 20, one relatively insignificant Bitcoin transfer sent shockwaves around the cryptocurrency industry.    

Whale Alert, the service that tracks huge transactions across different blockchains, spotted that a chunk of 50 Bitcoin, which dates back to February 2009, was on the move for the first time. 

These coins were mined were just a month after the Bitcoin blockchain came to life with the original Genesis block on Jan. 3, 2009.

This led to knee-jerk speculations that no other than Satoshi himself (or his apparition) gave cryptocurrency enthusiasts a sign that they were still being watched.

Related
First Bitcoin (BTC) Transaction Was Made 11 Years Ago by Satoshi. What Was Its Purpose?

Bitcoin price bounces back 

Before anyone started to question whether this veteran whale was actually Satoshi, market participants inadvertently panic, which resulted in the significant price drop.

However, BTC managed to bounce back to its current level of $9,491 as soon as the sellers’ heads cooled.

Still, popular crypto trader DonAlt believes that there is ‘zero chance’ of upside price action unless the top cryptocurrency managed to reclaim the $9,600 level. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.