Chapter 10

Bitcoin had fallen 7% from its peak.

In price terms, that was a drop of $10,000.

Yet the market’s optimism remained unshaken.

• Time for bargain shopping!
• Buying something that was $120,000 for only $110,000? What a lucky deal!
• Surely no idiots are passing up this opportunity?
• You know what happens after a sharp drop? A sharp rebound!

Bitcoin had gone through countless cycles of rises and falls.

Over time, investors had learned from those repeated patterns.

Eventually, they developed the belief that no matter how much Bitcoin dropped, it would always recover.

As a result, buying pressure quickly returned.

The first person to notice it was Kim Sung Won.

“Buying pressure is coming in. A bullish reversal candle has formed on the four-hour chart.”

Candlestick charts could be displayed in different time frames depending on the trader’s preference.

The most commonly used were the 1-hour, 4-hour, daily, and weekly charts.

The reason traders monitored different time frames was because each had a different trading style.

Some practiced day trading, opening and closing positions within the same day.

Others preferred swing trading, holding positions for weeks.

Because of these differences, every trader relied on the charts that best suited their strategy.

After hearing Kim Sung Won’s report, Kwang Ho replied,

“Send all reports through the company messenger from now on.”

“Y-Yes, sir!”

“From now on, use the messenger for every report. Typing is faster than talking.”

“Understood!”

During active market hours, verbal reports could easily be delayed.

Instant messaging, however, delivered information in real time.

On top of that, the system ran on their internal network, and Kwang Ho had personally strengthened its security, making it highly resistant to hacking or data leaks.

Still… Bitcoin is already bouncing back. What are you going to do?

The buying pressure was extremely strong.

That was common after a steep decline.

This could end as nothing more than a dead cat bounce… but since we’re still near the highs, it could also become the momentum needed for another breakout.

At the current price level, either scenario was possible.

Traders called this kind of area a turning point.

Because the direction hadn’t been decided yet, experienced traders avoided opening positions against the current move.

It was one of the most basic principles of trading.

Kwang Ho didn’t believe Kang Hyun would overlook something so fundamental.

Yet…

There had been no action from him.

The others are wondering too.

The employees were all curious about how Kang Hyun would handle this trade.

Kwang Ho, however, trusted him.

This is the first time since our university days that you’ve looked this confident. Show everyone what you’ve got.

Silently cheering for his friend, Kwang Ho continued leading the team.

“Alright, everyone! Stay focused!”

“Yes, sir!”

Right now, his job was to lead the employees.

Inside the CEO’s office.

Kang Hyun stared quietly at the monitors.

The price is recovering quickly. With buying pressure this strong, it’s probably testing a short-term bottom before making another attempt at the highs.

The Bitcoin chart filled his screens.

He had the 1-hour, 4-hour, and 12-hour charts displayed simultaneously.

The reversal had appeared on the four-hour chart.

The bearish candles kept getting smaller… and the previous four-hour candle formed a hammer with a long lower wick. That’s a classic reversal candle after a decline.

After completing his military service, he had devoted himself fully to becoming a trader.

Even excluding his years as an independent trader, he had accumulated seven years of professional experience.

He had already studied nearly every form of technical analysis people talked about.

Although he had tested many different methods, the one he relied on most was candlestick analysis.

Especially the signals that appeared on higher time frames.

Those were often the best indicators of future trends.

On the daily and weekly charts, each successive high has been lower than the previous one. That’s a sign that buying pressure is gradually weakening. This looks more like a short-term rebound.

In the past, his analysis would have ended there.

But not anymore.

The blue light is still shining. That means Bitcoin’s decline isn’t over yet.

The mysterious blue glow was telling him the same thing.

Bitcoin’s fall had not ended.

Ding!

A message appeared in the company messenger.

Kim Ha Yul: CEO, I’ve attached my Bitcoin market report.

Kim Ha Yul was one of the researchers they had recently hired.

She had joined through Kwang Ho’s recommendation.

Although she was only in her mid-twenties, Kwang Ho had praised her as exceptionally talented.

It’s not easy to earn compliments from Kwang Ho. Let’s see how good she really is.

He opened the report.

Cause of Bitcoin’s Decline: Renewed Quantum Computing Fears

1. Ethereum founder Vitalik stated in an interview with Coin Post that once practical quantum computers are developed, current blockchain security systems could become obsolete.

2. After repeated all-time highs, expectations became overheated. During the initial decline, highly leveraged long positions were squeezed out. Estimated liquidation: approximately $800 million.

Several additional factors followed.

Everything was neatly organized.

The report summarized both the causes and the overall market sentiment.

Considering how little time had passed, the amount of information gathered impressed him.

Doing all this alone would be difficult. She’s definitely capable.

There was no doubt about her ability.

His eyes returned to the Bitcoin chart.

After falling to the low $111,000 range, Bitcoin had rebounded above $115,000.

“Alright…”

“Let’s see what happens.”

Kang Hyun calmly watched the screen.

Each completed candlestick showed evidence of an intense battle between buyers and sellers.

Trading volume reached its highest level in three months.

It had been a long time since he’d seen this much volatility.

Time seemed to disappear while he watched the charts.

Knock. Knock.

Someone knocked on the door.

Turning around, he saw Kwang Ho standing there.

“Hm? What’s up?”

“Hey, everyone already went home. You can stop talking to me so formally.”

“Oh? Really? You sent them home?”

“Yeah. You’re the one actually trading, so there wasn’t any reason for everyone else to stay.”

“That’s true. Good call. What time is it?”

“Eight o’clock. They’ve been gone for two hours already. Don’t tell me you’ve been staring at charts the whole time.”

“Yeah. It’s been a while since the market got this volatile. It’s actually fun.”

The most boring markets were sideways ones.

Watching prices move endlessly inside the same range was torture.

“I get it. I opened a position today too. It was pretty exciting.”

“You traded too?”

“Yeah, but I already closed it. Sold everything around $112,000.”

“Nice. Made a decent profit.”

“About five million won.”

It was only about a 2% gain on his total capital.

But that was enough.

Never get greedy.

That was Kwang Ho’s philosophy.

“Ah Yeon wants us to come over for dinner.”

“Really?”

“Yeah. Stop staring at the charts. Your phone’s already linked to the system. If there’s a major price move, you’ll get an alert immediately.”

“Oh? You’ve already finished that feature?”

“Who do you think I am? Something that basic doesn’t take long.”

Kwang Ho really was talented.

Not only was he an excellent programmer, but he also had natural leadership.

While Kang Hyun had been completely absorbed in the market, Kwang Ho had taken charge of the employees without needing instructions.

“Then… shall we head out?”

“Let’s go.”

Together, the two reliable friends left the office.

“Wow… look at all these people.”

“I’ve never been in Seongsu-dong this late before. This place is really lively.”

“Don’t you think we’re a little too old for this crowd?”

“Haha. Maybe.”

As they walked through the bustling nightlife, they passed countless restaurants.

Many of them had opened all their front windows so the smell of grilled food drifted into the streets.

It was an effective way to attract customers.

At one of those restaurants, Kang Hyun noticed a familiar face.

“Hm? Isn’t that Sung Won?”

“Huh? You’re right. I recognize the people sitting with him too.”

“You do?”

“Yeah. I’ve seen them back when I worked in Yeouido. They’re probably his former coworkers.”

Most of the new employees had joined through Kwang Ho’s network.

Naturally, he knew them better than Kang Hyun did.

“Let’s just pretend we didn’t see them. Running into your boss outside work is always awkward.”

“True enough.”

Remembering their own days as employees, they were about to walk past unnoticed.

Then…

“I honestly don’t know if joining this company was the right choice.”

Sung Won’s voice drifted over.

Perhaps because he’d been drinking, he wasn’t exactly quiet.

“So? Is it that bad?”

The two instinctively slowed down.

Focusing on the conversation made it easier to hear.

“Today was my first day. And the CEO was trading crypto.”

“What? Crypto? I heard the company had plenty of capital. And his first trade is crypto?”

“Exactly. Honestly… it feels kind of lame.”

“Whatever. I’m going to the restroom.”

As Kim Sung Won stood up unsteadily and turned around…

“Huh?”

Standing directly in front of him were…

His CEO.

And his former senior, Kwang Ho.

“C-CEO…?”

“Having dinner?”

“Ah… y-yes. Just having a few drinks with my old coworkers.”

“I see. I’ll take care of the bill. Enjoy yourselves.”

“N-No, you don’t have to…”

“It’s fine. Relax and enjoy your meal.”

Kang Hyun walked past him toward the counter and quietly paid the bill.

Watching him, Sung Won nervously turned to Kwang Ho.

“S-Senior… when did you two get here?”

“Hm? We just happened to walk by.”

“Oh… I-I see…”

“Yeah. Why are you sweating so much? Had too much to drink?”

“Haha… maybe I have.”

Their conversation ended as Kang Hyun returned and lightly tapped Kwang Ho on the shoulder.

“Manager Lim and I are heading out. Enjoy your dinner.”

“Yes, sir!”

“Thank you!”

“Have a good night, CEO!”

As the two walked away, Sung Won collapsed back into his chair.

“Whew…”

“Do you think he really didn’t hear what I said?”

“Huh? No idea.”

“We were all listening to you. Nobody was paying attention to who walked by.”

“Damn… You really think he didn’t hear it?”

“If he had, do you think he’d have paid for our dinner?”

“True.”

“He probably would’ve said something.”

“Y-Yeah…”

“Exactly. Stop worrying and have another drink.”

“You’re right! The CEO already paid anyway. Let’s eat!”

Sung Won quickly returned to enjoying the evening.

Meanwhile, after reaching the main street, Kwang Ho spoke.

“He’s normally not the type to talk like that. I guess meeting his old friends got him excited.”

“It’s fine. We used to complain about our company whenever we drank together too.”

“We did.”

“So… want to complain about the company tonight?”

“Hey. I’m the CEO now.”

“Exactly. Which means I’m not talking behind your back anymore. I’m saying it to your face.”

“Oh really?”

“Haha!”

“Besides, from Sung Won’s perspective, he has no reason to trust me yet.”

“I’ve never shown him any real results.”

“If the boss pays on time, who cares about results?”

Kwang Ho laughed.

But Kang Hyun answered seriously.

“That’s true for ordinary companies.”

“We’re an investment firm.”

“And a family office where the CEO has complete authority.”

“In a place like this, the CEO has to prove himself with results. Otherwise, the employees won’t truly trust or follow him.”

Kang Hyun evaluated himself objectively.

That’s why Sung Won’s comments hadn’t bothered him.

It had been a private conversation.

And honestly…

The criticism was fair.

“I’ll earn it over time.”

“My track record.”

“And my employees’ trust.”

Seeing how much his friend had changed, Kwang Ho smiled and lightly punched him on the back.

Thump.

“Alright, alright. Stop trying to look cool.”

“Hurry up.”

“Ah Yeon’s going to starve waiting for us.”

“Let’s go.”

Late at night, Korean time.

While most people were asleep…

The cryptocurrency market moved.

BTC +1.42%

Bitcoin, which had been trading in positive territory…

BTC +0.56%

Suddenly lost one percent…

BTC -1.47%

And instantly turned negative.

But that was only the beginning.

BTC -2.13%

A long blue bearish candle stretched downward.

BTC -3.77%

The candle showed no sign of stopping.

Within moments, Bitcoin had fallen all the way back to $111,000, erasing the entire rebound.

Buyers immediately stepped in.

Many traders believed the previous support level would hold once again.

But ignoring all those expectations…

The candle smashed straight through support.

BTC -4.12%

The collapse of the $111,000 support level triggered even more selling pressure.

The result…

Was disastrous.

BTC -6.42%

Bitcoin’s plunge showed no signs of stopping.

If anything…

It was accelerating.

This is the end of Chapter 10.