Cybersecurity Expert Predicts Bitcoin’s Rise Amid Market Manipulation Claims
The former Chief Cybersecurity Officer at Blockstream and current CEO of Bitcoin-focused JAN3, took to the platform X (formerly known as Twitter) to express his views on the current decline in Bitcoin’s price. He emphasized that Bitcoin’s value should already realistically be over $100,000 and reiterated his expectation of an imminent “Godzilla candle.”
“Sharp Bitcoin Price Drop; Value Should Be Over $100,000”
Mo commented on the recent massacre of the world’s leading cryptocurrency, Bitcoin. He stressed that this is an “artificial price suppression,” pointing out that this massive Bitcoin price correction coincides with significant Bitcoin transfers by the German government and Mt. Gox during a low-liquidity holiday period.
Mo noted that all this seems “too perfect.” He referred to the ongoing situation as an “artificial drop” in Bitcoin’s price. According to the CEO of JAN3, if it weren’t for this decline, Bitcoin should “realistically” be worth more than $100,000 now.
Most of these funds were seized when the Darknet market, Silk Road, was shut down more than ten years ago, as well as being confiscated due to operations against hackers or scammers.
A huge amount of $75 million worth of Bitcoin was transferred to the largest cryptocurrency exchange in the United States, Coinbase.
In total, over $241 million worth of Bitcoin was moved this week to Coinbase and other centralized cryptocurrency exchanges like Bitstamp and Kraken. The German government also sold large amounts of Bitcoin. Overall, these governments transferred nearly $700 million worth of Bitcoin to exchanges.
Furthermore, the now-defunct Mt. Gox exchange began repaying its investors today, transferring 47,229 Bitcoin worth over $2 billion in preparation for payouts. Earlier today, the exchange conducted transactions of 1,545 Bitcoin to Bitbank – equivalent to $84.87 million in fiat currency.
Bitcoin to Surpass All-Time Highs with a Godzilla-Like Surge”
While “weak hands” continue to sell off their Bitcoins, driven by fears of a “long-term sell wave” by Mt. Gox and the German government, Mo believes that the selling pressure will be minimal.
Therefore, despite current conditions, Bitcoin’s price will surpass its all-time high, reaching a historic peak.
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