- Satoshi Nakamoto’s net worth fell by $20 billion as Bitcoin corrected sharply.
- Bitcoin is testing key support between $104,000 and $105,000.
- Market focus now shifts to whether BTC can hold above this level or risk deeper losses.
Bitcoin’s anonymous creator, Satoshi Nakamoto, has reportedly lost around $20 billion in net worth in just ten days following the latest market correction. His estimated holdings of 1.1 million BTC have not moved since their creation, symbolizing an unwavering belief in the network’s long-term value.
On October 7, Nakamoto’s fortune peaked at its all-time high, placing him among the world’s top 15 richest individuals, above figures like Alice Walton and Michael Bloomberg. However, as BTC’s price slid from record levels, his ranking slightly declined, reflecting the sharp pullback across the broader crypto market.
Despite this, Nakamoto’s position remains a reminder of the massive wealth tied to early Bitcoin adoption. His untouched wallet continues to be a symbol of conviction for investors during volatile cycles.
Bitcoin Faces Its Most Critical Support Test
Bitcoin is now trading around $106,823, down from recent highs, as it approaches a crucial support zone between $104,000 and $105,000. This area aligns with a long-standing bullish trendline that has historically prevented deeper declines during market pullbacks.
According to market observer Jelle, BTC has experienced notable corrections in every cycle, often ranging from 20% to 30%. In this cycle, most retracements have stabilized near a 20% dip, with a bottom typically forming after about 25% downside. Based on the speed of the current drop, a potential low near the $100,000 level could align with previous cycle behavior.
Traders are now closely watching whether Bitcoin can maintain its position above the $104,000 mark. Staying above would indicate resilience and preserve the broader uptrend, while slipping below could open doors to deeper corrections.
Outlook: Bulls Defend $104k as Market Awaits Next Move
The technical outlook remains split between optimism and caution. Immediate resistance lies around $110,000 to $112,500, while the crucial support rests at $104,000 to $105,000.
If Bitcoin holds above this area, the next major upside target remains near $150,000 in the coming months. However, a clear breakdown below the $104,000 trendline may trigger heavier selling pressure, potentially driving prices under $100,000, and in an extended downturn, toward $80,000.
For now, Bitcoin’s fate depends on how bulls react to this key level. The coming days may determine whether the market resumes its upward march or enters one of the largest corrections of this cycle.
Also Read: Bitcoin’s Drop Continues: Can $105K Support Hold or Will BTC Fall Further?
