“Fortune favors the brave,” announces a wise Greco-Roman maxim. However, I think that patience is the true favorite of the eternal gods. And why was I given it for philosophy? Well, because someday we have to break that $10,000 barrier. That cement pinata must fall. There is no doubt that we have tried. Lack of insistence is not the problem. Obviously we lack strength, but even a drop of water can break a rock with the power of constancy. That tree falls sooner or later.
Bitcoin, beloved torment! What am I going to do with you? We have no choice but to wait patiently for the end of this battle for the conquest of the 10,000. Now, let’s talk about the most read kryptonews of the week.
The Escobars believe they have found the real Satoshi
Here’s an unexpected twist in our film In Search of the Lost Satoshi. We’re looking at what screenwriters usually call the great revelation of the second act. That’s right. It’s been over 40 minutes of film. Our protagonist created Bitcoin and disappeared. The project was successful and many people appeared claiming to be the child’s father to apply for the lottery prize. Most of these so-called “Satoshis” turned out to be clowns. The mystery of Satoshi’s true identity grows more and more every day. The matter has become a global hysteria. Who is Satoshi?
But suddenly, out of nowhere, the great revelation that leaves us all speechless. Nothing is what it seemed to be. The director has distracted us. Everything we thought was fake. The great and unexpected revelation of the second act. Satoshi’s a narc? What? We’re going black. Cut.
Now, the great revelation of the second act is not the climax of our story. The film isn’t finished yet and now it’s missing some film. Playing a little Sherlock Holmes, the first thing to consider is the source of the information. It seems to me that the CEO of Escobar Inc. is not a good source. If Dorian Nakamoto’s brother is a defector and a former target of the Escobars, how can we trust what they say about him? Obviously there’s a lot of bad blood there. On the other hand, a testimony is never enough. We need verifiable data. And we don’t have them.
However, here I must add something. Many bitcoiners have built a cult around Satoshi. It’s a myth now. A perfect and unpolluted being. A sacred cow fallen from the cryptographic sky. Many imagine a supernatural being. An old sage in a small cabin on the top of a mountain with a large server, a beautiful library and a Zen garden. I mean, a (crypto) Lao Tzu. The bitcoiners will never accept a Satoshi of flesh and blood ever again.
Forget the $10,000, Bitcoin’s $12,000 break will catch everyone off guard
Well, it’s certainly good to analyze an old prediction. When there are many optimistic predictions in the media, the price usually drops. It’s as ironic as it is true. Forget about the $10,000? Now comes the $12,000 break? The chicks were counted before they were born and the credit card was used for the celebration. What happened? We dropped the basket with all the eggs when we got drunk.
We cannot deny that the resistance of the 10,000 is a major psychological barrier. And not just because of the roundness of the number. The fact has been corroborated many times. It’s not a myth. And of course, when we break it, we’ll probably have a breakout at about $12,000. In other words, it will become our new support and we will define a new roof. However, this week we couldn’t break it and the rejection brought us back to about 9,000. Ouch.
Here’s a quick word on the technical indicators. It is important to understand that many of them may be sending false signals. Even when corroborated by other indicators. The final test for me is the sentiment indicator. The level of greed. The level of fear. Greed is the food of optimistic predictions, but it is the harbinger of price declines.