Satoshi Nakamoto-Era Bombshell Suddenly Puts Bitcoin Price On The Brink Ahead Of $50 Trillion Crypto Game-Changer
07/27 update below. This post was originally published on July 25
Bitcoin has swung wildly this week, with a near-10% drop from its all-time high sparking fears the bubble has already begun to burst.
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The bitcoin price, after almost doubling since this time last year, has seen its rally stall this month despite U.S. president Donald Trump issuing a huge bitcoin price prediction.
Now, as Elon Musk’s SpaceX quietly moving bitcoin has set alarm bells ringing, analysts are betting the bitcoin price is on the brink of a major move.
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Bitcoin has fallen sharply over the last 24 hours, raising fears of a price crash, even as insiders … More
“Bitcoin deserves close attention. It has just swept the nearest liquidity zone around $115,700–116,100 and is now entering an important range—the first one from which a reversal and upward continuation could occur,” analysts with crypto platform B2BInPay said in emailed comments.
“If bitcoin breaks through its all-time high, it could open the path toward $127,700. The second scenario possible is that If a deeper correction occurs and bitcoin falls below $98,300, the next major support zone will be between $89,500 and $85,400. But it would require a sharp 17% decline to truly validate a bearish trend, which is too difficult in the current reality.”
07/27 update: Galaxy Digital, a crypto investor and data center infrastructure company, has revealed it has made “one of the largest notional bitcoin transactions in the history of crypto”—selling almost $9 billion worth of bitcoin on behalf of an anonymous client who had held it since before bitcoin’s mysterious creator Satoshi Nakamoto disappeared 14 years ago.
“Galaxy completed the sale of more than 80,000 bitcoin—valued at over $9 billion based on current market prices—for a Satoshi-era investor, representing one of the earliest and most significant exits from the digital asset market,” a company press release read, adding the “transaction was part of the investor’s broader estate planning strategy.”
Confirmation of the suspected sale was cheered by bitcoin traders and crypto market watchers who see it as a sign the market is posied to move higher.
“It’s incredible,” Nic Puckrin, crypto analyst, investor and founder of The Coin Bureau, posted to X. “Galaxy sold 80,000 bitcoin, $9 billion of bitcoin dumped in a day. Yet, here we are—chilling at $117,000.”
John Glover, chief investment officer of Ledn, expects the bitcoin price to now rise sharply to over $130,000 per bitcoin before dropping back.
“A corrective wave will likely follow as we see early profit takers come into play, and we will sell off to somewhere in the region of $120,000 before the rally into year end to $136,000 to $142,000,” Glover said in emailed comments.
The bitcoin price dip this week has been at least partially attributed to Galaxy Digital, the crypto financial services company led by billionaire Mike Novogratz, sending around 10,000 bitcoin worth $1.2 billion to exchanges, according to blockchain sleuths.
Despite his company facilitating a potentially huge bitcoin sale, Novogratz remains bullish on bitcoin, predicting the price will continue to climb provided U.S. president Donald Trump keeps pushing for the Federal Reserve to lower interest rates.
“We’re in price discovery in a lot of these things, and $150,000 seems to me a decent target,” Novogratz told CNBC.
Meanwhile, veteran crypto investor Dan Tapiero, the founder of crypto growth equity funds 10T and 1RoundTable Partners, has launched a new $500 million fund called 50T, consolidating the earlier funds and 5x-ing his previous crypto market prediction from $10 trillion over the next decade to $50 trillion.
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The bitcoin price has soared over the last year, sparking a flurry of bullish bitcoin price … More
Tapiero puts the current crypto ecosystem value, including cryptocurrencies and the equity value of crypto companies, at $5 trillion already.
“50T is a natural evolution from our original thesis in 2020 when we launched 10T with the belief that the digital asset ecosystem would grow from $300 billion to $10 trillion in 10 years,” Tapiero said in a press release, pointing to Circle’s public market debut and Coinbase’s acquisition of derivatives exchange Deribit as validation of the thesis that “all value will eventually move on-chain” and that the market’s growth has “far exceed[ed] our initial timeline.”
Tapiero’s investments in Deribit, USDC-issuer Circle and trading platform eToro have all paid off recently.
Tapiero also credited policy and regulatory improvements has likely to push the combined crypto market and crypto companies higher in the next few years, telling The Block there have been “significant changes in Washington DC.”