Bitcoin Price Prediction: Will Satoshi Nakamoto’s emails with early contributor shill BTC through the weekend?

• Bitcoin price has displayed a sustained downtrend over the past four days with lower highs and lower lows.
• BTC could revert to $50,000 amid low trading volumes and enhanced volatility characteristic of weekends.
• The bearish thesis will be invalidated if BTC breaks and closes above the $52,985 range high.

Bitcoin (BTC) price is testing a critical support level, that could confirm its next directional bias after three consecutive days of teasing with a downtrend. Meanwhile, the market has shelved matters Exchange-traded funds (ETFs) for a while, as all eyes peruse emails between BTC creator and one of his earliest collaborators. 

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Possible start of a trend reversal for BTC

Satoshi Nakamoto’s earliest collaborator comes forward on Bitcoin

In a recent post on X, one of Bitcoin creator Satoshi Nakamoto’s earliest collaborators, Martii 'Sirius' Malmi, shared emails among themselves. In the 120-page email history between them, Malmi revealed that Satoshi had envisioned the Bitcoin network having a maximum of 100,000 nodes. The latest data shows that the number of reachable nodes in the Bitcoin network typically range between 10,000 and 12,000.

The emails also reveal that Satoshi Nakamoto had anticipated more “newbies” and that BTC mining would be less energy intensive than the legacy banking system. Other highlights, as summarized by @pete_rizzo_, include:

• Satoshi foresaw at least one viable, non-monetary use for Bitcoin, backing the time-stamping use case.
• Satoshi was concerned about his legal risk in launching Bitcoin, noting he was "uncomfortable" with explicitly labeling it an investment.
• By July 2009, Satoshi was tired, saying he "needed a break" from Bitcoin.
• He believed in the easy adoption of Bitcoin, saying BTC was easy to obtain given that you could mine it on a computer.
• In June 2010, someone offered to donate $2,000 to Satoshi for his BTC work.
• The emails also reveal that Satoshi removed the language that Bitcoin was "anonymous" from http://Bitcoin.org.

Bitcoin price outlook as Satoshi’s emails to developer come to light

Bitcoin price is trading with a bearish tilt on the daily time frame, recording a series of lower highs and lower lows. On higher time frames, however, such as the three-day and the weekly timeframes, the outlook is rather indecisive.

With a bearish intermediate trend (daily time frame), the Relative Strength Index (RSI) shows Bitcoin price could drop further as momentum continues to decline. The histogram bars of the Awesome Oscillator (AO) have also turned red and are edging toward the midline.

Enhanced seller momentum could see Bitcoin price retest the $50,000 psychological level. An extended fall could send BTC to the $48,000 milestone, or in a dire case, extend a leg down to the $40,000 psychological level. Such a move would denote a 20% drop below current levels.

BTC/USDT 1-day chart

On the flipside, enhanced buying pressure could see Bitcoin price break above the range by shattering the $52,985 roadblock. This would clear the way for BTC market value to reach $55,000, or in a highly bullish case, reach the $60,000 psychological level. 

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