After five years of silence, the verified X account @Satoshi has reemerged, triggering extensive speculation and intrigue. This return aligns with Bitcoin’s upward price movement, a pattern frequently seen in October.
The account, associated with the enigmatic Bitcoin creator Satoshi Nakamoto, recently tweeted about Bitcoin as a ‘predicate machine,’ garnering over 3.2 million views.
The last activity on this account dates back to October 31, 2018. While the user hinted at further research into Bitcoin topics not covered in the original whitepaper, the true identity behind both Satoshi Nakamoto and the @Satoshi account remains a mystery, although many believe it to be associated with the controversial figure Craig Wright.
Setting aside the controversy, this has sparked renewed interest in Bitcoin Satoshi Vision (BSV) cryptocurrency. After trading in a relatively sideways pattern around $31 since mid-August, it has surged by 33.7% in the last 24 hours.
Could this resurgence be the catalyst for sustained interest and a bullish sentiment for this cryptocurrency? If so, what might be its next direction?
BSV reached its all-time high of $509 on April 17, 2021, marking a remarkable increase of 1,223% from its starting point in November 2018, when its price was approximately $35 during a multi-year bull market.
After entering a bear cycle in April 2021, BSV experienced a significant drop to $108 on May 17, representing a 78% decline. Following a minor recovery to $196 on September 15, a sustained downward trend began.
Between June 10 and July 1 of this year, BSV traded within a lower-degree descending structure, eventually hitting a new all-time low of approximately $15. Shortly thereafter, a substantial upward spike occurred, propelling the price to $56 by July 1, marking a remarkable 255% increase.
This breakout above the lower-degree descending structure was followed by a descent that retraced to test the previous resistance as support around $29 on August 17.
The price has since consolidated around $30 before the recent uptick. It’s worth noting that this current peak remains a lower high compared to the one seen on July 1, and the price is once again approaching the upper descending resistance level.
If we consider this as the beginning of a broader uptrend, we’ve already witnessed the first two sub-waves since June 10. This implies that the current upward movement corresponds to wave 3, with an optimal target at approximately the 1.618 Fibonacci level, around $100. Subsequently, it could aim for a new higher high, potentially reaching $190.
If the price successfully breaches the descending trendline, its initial target would be the 1 Fibonacci extension level at $65. This aligns with the length of wave 1 and suggests that the entire movement since July 10 may constitute a corrective ABC pattern to the upside.
Both of these scenarios will only be in play if we observe continued upward movement from the current levels and a breakout of the descending trendline. Alternatively, rejection at this point could lead to another downturn, potentially pushing the price below $15.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.