Bitcoin (Bitcoin) Rebounded from the lowest point of the forecast on June 4, as the dust settled on the latest market conflict with Elon Musk.
Bitcoiners mock Musk’s “breakup”
Data from Cointelegraph Markets Pro with Transaction view As the currency pair rebounded to a level close to $37,000 on Friday, track BTC/USD.
I have seen the strength before this week Push to 40,000 USD, Ended suddenly defeat After Musk posted another mysterious tweet. In it, the Tesla CEO seems to imply that he has switched from Bitcoin to some form of alternative.
The market sold off, but the biggest victim this time was altcoin traders. Bitcoin only fell by $2,000- Significantly less Compared to other episodes involving Musk’s tweets.
For Crypto Ed, a popular trader, he predicted that Bitcoin will need to reach $36,000 again anyway to continue to move higher, and it has now bottomed out.
“Just need to recover some level, we can start again,” he said Say In the market commentary on Friday.
However, most reactions from Bitcoin users have been witty, which is part of a broader narrative that reminds the audience that Musk is unimportant The strength of Bitcoin.
Who forgot to invite Elon #Bitcoin meeting?
-David Gokhshtein (@davidgokhshtein) June 4, 2021
Elon’s #Bitcoin The tweet was the result of being destroyed by Ford with their F-150 Lightning. Ford is the company that makes Taurus and Pinto. Sorry, you ruined Elon, but don’t take it out on Bitcoin.
-Complain (@notgrubles) June 4, 2021
Nevertheless, short-term obstacles to recovery still exist.Of particular interest to traders Funding rate On the same day, these turned positive after their previous preference for bulls.
Ironically, Musk’s favorite token is Dogecoin (dog), the largest decline among the top 50 cryptocurrencies by market capitalization, fell by 14% at the time of writing.
Bloomberg favors $100,000 instead of $20,000
As in the past, experienced market participants have called for a longer-term view of Bitcoin.
Senior trader Peter Brandt said that under the current circumstances, 21,000 US dollars will be the final bottom line of BTC/USD, and he firmly supports the continuation of the bullish trend.
“Why would anyone want to exit the unlevered long position when the market already has 80% of the worst-case declines?” debate Earlier this week.
Another publicly bullish view comes from Bloomberg News, which is in the latest Monthly report Describe the entire cryptocurrency as “discount and update.”
“Bitcoin is more likely to resume appreciation to the resistance level of $100,000, rather than stay below $20,000,” it concluded.
Bitcoin’s fundamentals remain stable, and the hash rate-therefore miners- Unresponsive To Musk.