Bitcoin (BTC) is still on course to hit the $100,000 mark this year, and the recent decline is unchanged price action.
That’s the conclusion of one of the industry’s most prominent investors, as BTC/USD recovered from its trip to nearly $46,000.
Tapiero sees a very rare buy signal for bitcoin….
In a tweet from 27. In April, Dan Tapiero, manager of the Dan Tapiero Fund, said he was inundated with clients interested in the recent drop in the price of bitcoin. Still, there was no reason to panic.
By highlighting a technical buy signal (sequential TD) not seen since the March 2020 crash to $3,600, Tapiero has given hope to those wondering what happened to the numerous very high BTC price predictions for 2021.
A very rare signal to buy TDs in bitcoin. The last one arrived exactly on the 20th. March. I see 100,000 more of those years, he wrote.
Sounds like panic over the last few days with no change in price…. that is, still at 50,000. Hodle is the only way to stay emotionless for long.
…How the market is looking at the new Eloncandle …
The comments coincided with a curious exchange between Tesla and SpaceX CEO Elon Musk and famed trader Dave Portnoy, the last known bitcoin skeptic who nonetheless bowed to pressure to add it to his wallet earlier this year.
When it was announced that Tesla had sold some of its holdings, Portnoy saw this as evidence that the company did not believe in its long-term viability. Musk disputed that claim, saying it was actually a test of its usefulness.
I haven’t sold any of my bitcoins, reads part of the response on Twitter.
Tesla sold 10% of its assets, primarily to demonstrate the liquidity of bitcoin as an alternative to holding cash on its balance sheet.
No, it isn’t. I haven’t sold any of my bitcoins. Tesla sold 10% of its assets, primarily to demonstrate the liquidity of bitcoin as an alternative to holding cash on its balance sheet.
– Elon Musk (@elonmusk) April 26, 2021
Musk is a classic source of short-term movement in the price of bitcoin, and any confirmation that he has permanently dropped his distribution could easily swing sentiment downward.
In this case, BTC/USD has returned to levels near $55,000, with a gain of nearly 10% since the start of the weekend in what could have been another classic Elon candle move.
Bitcoin hodl confirmed, Blockstream CEO Adam Beck commented on the exchange on Twitter.
Tesla itself announced record profits this week.
As Cointelegraph reports, bitcoin’s fundamentals suggest that things are continuing for the largest cryptocurrency despite the recent turmoil.
Developments in mining companies, one of the factors that could cause a price drop, were already factored in on Monday, while traders with weaker hands betting on lower prices pulled back.
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