Satoshi

Satoshi Nakamoto

Bitcoin

Adam Back

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 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
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Adam Back, veteran cryptographer and CEO of Blockstream, known as the contributor of the Bitcoin white paper mentioned by&nbsp;<a href="https://u.today/2009-satoshi-era-whale-begins-70-million-bitcoin-sell-off" rel="noopener noreferrer nofollow">Satoshi Nakamoto</a> himself, has broken his silence on the current conjecture surrounding the crypto market.&nbsp;
The market does not seem to be in a good mood at the moment either, as Bitcoin has lost over 2% in the last 24 hours, hitting a key support zone at $60,000. The ambition to break above $66,000 per BTC and achieve a new all-time high in so-called "Uptober" now looks more challenging than it did at the end of September.
<blockquote>
 Need $58k retest, gotta reload my arb— Adam Back (@adam3us) <a href="https://twitter.com/adam3us/status/1844311880548090103?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 10, 2024</a>
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Back highlighted that a retest of the $58,000 level would be necessary for further action, indicating his strategy for dealing with the current situation. This level, previously a key support zone, has become an important marker for market participants navigating recent chaotic times on the cryptocurrency market. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="5d224893-ab1d-486c-a011-2a3725e85a1f" src="https://u.today/sites/default/files/inline-images/btcusdtt_0.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
This level could be the next stop for&nbsp;<a href="https://u.today/bitcoin-whale-goes-bearish-with-424-million-in-btc" rel="noopener noreferrer nofollow">Bitcoin</a> if bulls give up at current levels and bears take over. However, a move below this level could open the door to as low as $52,000 per BTC, and beyond, to lows not seen since early August.
The drop to $58,000 and the rise from there, if it happens, could be seen more as a bounce or a bear trap. If that is the case, then the strategy that Adam Back is preparing to implement could be of considerable benefit. But if $58,000 per&nbsp;<a href="https://u.today/this-massive-bitcoin-btc-surge-makes-zero-sense" rel="noopener noreferrer nofollow">BTC</a> is not the last stop and the bottom is a double bottom, then you would do well to have more cash on hand.

Satoshi Ally Adam Back Reveals What He Needs From Bitcoin Price

U_Today

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