Where Will Bitcoin, Ethereum Price Head After HBO Crypto Documentary?

Bitcoin (BTC) and Etherem’s native token, Ether (ETH), are trading near their critical support levels ahead of the airing of a sensational HBO documentary that claims to have found the real identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

Will Nakamoto’s True Identity Reveal Crash Bitcoin, Ethereum?

HBO will air a new documentary titled “Money Electric: The Bitcoin Mystery.”

The documentary, directed by Emmy-nominated filmmaker Cullen Hoback, seeks to reveal the true identity of Bitcoin’s elusive creator, Satoshi Nakamoto. It is scheduled to premiere on HBO on Oct. 9, 2024, and stream on Max.

The film has reignited speculation around Nakamoto’s identity, focusing on candidates like cryptographers Len Sassaman, Hal Finney, and Adam Back. Betting markets, such as Polymarket, have seen Nick Szabo, a respected cryptographer, as Nakamoto’s leading contender, with a 13.7% probability.

However, there is no shortage of skepticism, as many believe that cryptographic proof from Nakamoto’s known Bitcoin wallet is the only way to confirm such claims.

The documentary explores the significant ramifications of unmasking Nakamoto, given that the creator is believed to hold approximately 1.1 million BTC, which could sway the crypto market altogether if moved.

If Nakamoto is still alive and decides to move or sell even a portion of his holdings, it could trigger massive market volatility.

Given the sheer size of his stake, any substantial movement could spook investors and negatively impact Bitcoin’s price, as it might signal a large-scale sell-off or a lack of long-term confidence in the cryptocurrency.

On the other hand, if Nakamoto had passed away without sharing access to his private keys, the Bitcoin in his possession would have essentially been lost forever.

The scenario would remove those coins from circulation, reducing the total supply, which could, in theory, support Bitcoin’s scarcity narrative and potentially increase its value over the long term.

Bitcoin and Ethereum Technical Analysis Ahead of The Great Nakamoto Reveal

Bitcoin and Ethereum traders have become cautious ahead of the HBO crypto documentary’s airing.

BTC’s and ETH’s prices wobbled between gains and losses on Oct. 8, suggesting a growing bias conflict in the market ahead of the Nakamoto reveal. Nonetheless, BTC’s price is nearing a potential breakout scenario concerning its prevailing falling wedge pattern.

Falling wedges are bullish reversal indicators characterized by two downward-sloping, converging trendlines. They typically resolve when the price breaks above the upper trendline and, as a rule of technical analysis, rise by as much as the maximum distance between the wedge’s upper and lower trendline.

That puts BTC’s upside target for October at over $64,200, up 2.5% from the current price levels.

Meanwhile, Ether is trading inside an ascending channel pattern and is currently testing its lower trendline for a potential rebound toward the upper trendline.

The next upper trendline target coincides with the levels between the 0.382 and 0.5 Fibonacci retracement lines, which are around $2,470 and $2,500.