• Around $250 million in liquidations resulted from the price of Bitcoin declining to a low of $70,543 on Binance.
• Craig Wright is not Satoshi Nakamoto and did not invent Bitcoin, a UK judge ruled.
• Before the next leg up ahead of the halving, investors who were sidelined and tardy may have another opportunity to buy.

When the price of Bitcoin (BTC) fell below the $70,000 level on Thursday, it sparked a market-wide collapse in cryptocurrencies. The action, which resulted in the loss of hundreds of millions of jobs, came after revelations that Craig Wright is not the anonymous person who invented Bitcoin, Satoshi Nakamoto.

After a judge publishes Craig Wright’s assertions, Bitcoin falls

For years, the identity of the person who created Bitcoin under the pseudonym Satoshi Nakamoto has remained a mystery. Several well-known theories include:

• Nick Szabo is a cryptographer and computer scientist.
• Hal Finney: The first individual to receive a Bitcoin transaction from Satoshi Nakamoto and a pioneer in the field of cryptography
• Dorian Nakamoto refuted any connection following a 2024 discovery story.
• Australian computer scientist Craig Wright asserted his identity as Satoshi and provided cryptographic proof to support his allegation.
• A Collection of Persons: According to several views, Satoshi is not a single person.

But at least one theory could now be refuted. Following a two-month trial, a London high court judge used “overwhelming evidence” to support his conclusion that Craig Wright is not Satoshi Nakamoto.

“After considering all the evidence and submissions presented to me in this trial, I’ve concluded that the evidence is overwhelming,” stated presiding judge Mr. Justice Mellor. He also promised to provide a “fairly lengthy written judgment.” As per an article published in The Guardian, Justice Mellor enumerated:

• Wright did not write the white paper on Bitcoin.
• Wright did not assume or use the pseudonym Satoshi Nakamoto from 2008 until 2011.
• Wright was not the one who invented the Bitcoin system.
• , nor was he the writer of the program’s early iterations.

It all started when the Crypto Open Patent Alliance (Copa), an alliance of bitcoin companies, accused Wright. Since he was already using Bitcoin to increase his influence in the cryptocurrency industry, the goal was to stop him from claiming to be the creator of the cryptocurrency.

Wright may not be the elusive inventor, but the search for Satoshi’s real identity continues, and the mystery surrounding Bitcoin’s invention and its effects on the financial and technological industries is only heightened by its secrecy.

The news shook the BTC market. The price of Bitcoin has fallen to an intraday low of $70,605 against the Tether (USDT) stablecoin on the Binance Exchange after rising towards the $80,000 milestone. With $181 million in long bets and $70 million in short positions across the market, the move led to roughly $250 million in total liquidations.

Almost $70 million worth of positions in the Bitcoin market were wiped out, with $56 million in long positions and $13 million in short positions. Between Wednesday and Thursday, BTC’s open interest increased by $63 million daily, from $35.8 billion to $36.4 billion. This is the total of

all open positions, both long and short, for the original cryptocurrency

Bitcoin price prediction as a judge rejects Wright’s claim to be Satoshi The bitcoin price fell to an intraday low of $69,919 on Coinbase and $70,543 on Binance, respectively, vs USDT and USD. However, the long-term outlook is still very positive. As the BTC market heats up in anticipation of the halving, investors may find the collapse an excellent opportunity to buy.

If the bulls seize the opportunity to buy the correction, the Bitcoin price could push north, clearing the range of $73,777. Enhanced buying pressure could see the apex crypto record a new all-time high at $75,000 or, in a highly bullish case, tag the $80,000 milestone. This is a climb of about 10% above current levels.

Multiple technical indicators support this outlook, starting with the Moving Average Convergence Divergence (MACD) moving well above the orange band of the signal line. This suggests a strong bullish cycle, accentuated by the large bars of the volume indicator.

Also, the Awesome Oscillator is well above the midline. The Relative Strength Index (RSI) position also points to a strong price strength, adding credence to the bullish thesis.

However, the RSI is declining, which indicates a decline in momentum. A sell signal would be generated if the trajectory continued and the RSI dropped below the 70-point level. This might cause the price of Bitcoin to retrace its steps below the $69,000 barrier or, in the worst scenario, drop to the psychological $60,000 mark. This would indicate a drop of 15% from the present levels. Buyers who were sidelined and came later might be able to purchase the dip.