Is This the Last Dip Before $10,000?
It seems that Bitcoin (BTC) did not have the best day today. The price per BTC has declined by roughly 5% today bringing its current price to $9074. This is the lowest rate Bitcoin has seen since May 13th, two days after the having event.
Bitcoin's halving reduced miner rewards by half, to 6.25 BTC per block. This increased Bitcoin's scarcity, and many believe it may push Bitcoin's price to new heights.
While Bitcoin is known for its volatility and a 5% price retraction should not be seen as serious, this movement has surprised many.
Early Bitcoin Miner Spooks Market?
The drop in Bitcoin's value seems to be linked to the early Bitcoin miner that moved 50 BTC yesterday. This drew the attention of many, as that wallet was previously untouched since February 2009.
Many have initially thought that the individual might actually be Satoshi Nakamoto, Bitcoin's mysterious founder. This was later disproven, and the miner that was linked is apparently a different early adopter of Bitcoin.
Regardless the thought of an early Bitcoin adopter with an unknown amount of funds in Bitcoin have certainly scared many in the Bitcoin world.
The current dip seems to be a temporary one at best as most indicators on a weekly chart seem to indicate a strong buy position. Bitcoin will likely return to its upward trend and re-test $10,000 within several days or perhaps earlier.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado