Bitcoin Forum

Elon musk is the center of most bitcoiners discussion at the moment mainly because of how much effect his tweet is doing to crypto currency mostly bitcoin.

If a single tweet from Elon musk can send the price of btc to 45k (current price at the time of this post), then it is not impossible for bitcoin to fall to as low as below the 20k mark if all the big names in the crypto world (crypto influencers) tweet negatively against btc.

What do you think?

You have to look at the bright side, if every crypto influencers will tweet against bitcoin, the price could fall. But you can take this opportunity to accumulate. We don't need to get affected by Elon and others, they don't have total control of the market price. We still exists here, ordinary joe, who have been supporting bitcoin every since Elon Musk join the ecosystem. Bitcoin is so resilient that no one can really pump a damp on the price long term.

That's what a lot of sensible users have been saying for a long time now, if prices fall then it is an opportunity for us retail/individual investors to buy bitcoin at a lower prices and get more out of our money but we always focus on the negative and do stupid things like sell at a loss because you are scared that it won't go up anymore.

He is the hub of the forum and the crypto market because people believe he is a Bitcoin God. In fact, he is not.

If you can read price charts & identify which price Bitcoin can be corrected to, you will see such news, tweets from Elon Musk/ other people/ companies, etc. are funny. Price is scheduled to be corrected at where it should go to. News are only tool to implement schedules.

If you are worrying that will Bitcoin head towards $20k, it is not bad but you have to find out why $20k? Don't mind about Elon Musk, please.

Yes, the opinion of cryptocurrency influencer will surely affect bitcoin price, they can easily persuade people to do what they want, whether increasing the price or decreasing the price. I guess, people really hear what elon musk say, since the price rise or decrease just because of his tweets, and if there're any more influential people like elon musk, i guess the market can really be manipulated by their words.

What other “influencers” are there that could have such an impact?

The only “influencers” anyone should be listing to are the cypherpunks. If Nick Szabo says bitcoin is bad, then worry.

At the moment he's the center of much more than Bitcoin. He's the richest man on earth. It is pretty obvious that he can manipulate the market at his own willing, but that will work only short-termly. Come on, we'll have to admit it. Bitcoin kept increasing for weeks now, it would make a correction sooner or later.

You should see these dips as opportunities to buy cheaper. We'll observe crazy jumps in the third and fourth quarters of 2021. And he knows that. This is why he's been playing with the market. To buy more cheaper.

The more we talk about him when he barks about something in the crypto industry, the more he will get some popularity that he will use against Bitcoin. This is something that we don't have any control over because most of us here don't have the same perspective. if only those people who don't know the main reason why he is talking negatively about bitcoin nowadays will just silent, we don't suffer the downfall of the price that we are suffering right now. because when those people don't know the motives of Elon Musk when he is talking about these things, they will create some theories and confused people with their own personal opinions.

The reason why the tweet of Elon Musk is closely followed by Bitcoin investors is because of his billion dollar investment and if he plans on selling that it might have an impact on the price and the investors will be really cautious with his every move, other than none of the serious investors will be following what he is tweeting and it is time we should avoid discussing about him.

Elon can make another tweet, but remember, the crypto market does not move because of Elon's tweets. Even if the price now jumps down to below $50k, it does not mean the price can not increase back because if the moment comes, the price will increase and break the high price. We believe in bitcoin, and we know that bitcoin has a big power to lift the price again. You do not have to worry because this time can happen anytime and I think you can prepare to buy more bitcoin at a low price.

trusting the words of a celebrity is a bad choice
Besides being a businessman, Elon is also a celebrity, as we all know that celebrities have to play their acting roles well

those who sell Bitcoin just because they panic with Elon's tweet, only suffer losses
keep your faith, and be sure Bitcoin will go to $ 100 000 with or without an artist like elon

maybe elon musk wants to take a chance, from his twet ,, he wants to destroy bitcoins, and wants to take advantage of ,, maybe he wants to buy and collect bitcoins when bitcoins are cheap, and after he accumulates a lot of bitcoins ,, he will tweet back about the increase in coins` `
if we are true bitcoin lovers, we will definitely surv

Bitcoin can't be controlled anyone, even with Elon. The market is very affected with Elon's tweet . This makes me recall 2017 John McAfee. He is like Elon. Take advantage of his popularity to manipulate Bitcoin prices. But I believe it won't have to last longer.

What will happen if Micheal Saylor says the same or abandons Bitcoin..?

First of all, we need to think why these individuals give a statement like that and do they actually do what they say or just try to pump and dump..?
IMHO, these individuals just want to create fear in the market.

Elon musk is playing around for his own interest and all of these are just manipulation. So, more people becomes more mature after the last incident on twitter. BTW, there' always been a debate about bitcoin mining. So it won't effect on the market even if more influencers do the samething like Elon Musk because diamond hand hodlers know that they're just doing for their own benefits and nothing else. So, it'll be a win-win situation for us to accumulate more and afterwards enjoy the bullish rally once again.

Elon is just selfish and attention seeking, I dont like his acting recently.
He should study Crypto much more or just only comment at Cases, where he is really studied like his rocket science. 
Most of his comments about Bitcoin Show a lack of research.

That's the wrong mindset of most investors. They want to earn a good profit yet afraid to take the risks. If someone is playing along with the market by manipulating big coins, then we should play with the situation as well and take advantage of it. Instead of being afraid, then why not take it as an opportunity to buy when the price falls? Let's not allow the market manipulators to manipulate even our emotions.

He can't destroy Bitcoin. If he sells, its his loss. Would be a great opportunity for many others to invest...

Incidentally, it would also help get rid of the older inefficient asic miners people suddenly powered back on when they were supposed to have been retired...

It won't matter either way, With or without Musk, Bitcoin will go on just fine. Its not like this the first time some arrogant rich man makes uninformed comments.

He can learn later the hard way too, how wrong he was about Bitcoin. He should just focus in space and other stuff instead, its not like he needs to preserve his wealth or anything...

Its a pity that Elon Musk is using his influence to manipulate the price of bitcoin via unnecessary negative tweets well if the price can't fall below $20K it would be better whatever the case the price of bitcoin will rally back, I belief this is one of the major setback of bitcoin where individuals who have a larger chunk of the coin influencing it price of course nothing can be done to stem the tide we small hodlers just have to accept this reality and move on and invest wisely and buy dip if possible and sell high.

If he was influencing the price on stocks on FTSE or NASDAQ are there not regulations that would land him in trouble?

Maybe having some regulations on crypto exchanges to stop this kind of pump & dump behaviour would not be a bad thing.

News be it positive or negative causes major spike in the price of commodities not just crypto currency as such if Elon musks tweet should come out negative at any point then we should be expecting a drastic drop in price since he has a major stake in the Bitcoin

They can talk all they want but dont put up into your mind that they are the ones who can really make this market go to disaster.We've seen several events like these in the past
but still bitcoin did manage to survive.From banning to mining issues and other sentiments that floats out into the market but still it isnt enough to make bitcoin go to $0.
People are just easily to whine up when they had lost their investment or seeing in negatives.They arent just looking on the brighter side.Instead of screaming out then better
to accumulate while its still on sale.

He doesn't have a major stake, it's just his turn for the fame, just as others had before him and all ruined it, so will he ruin his too. Instead of using the attention to bring about greater adoption to the industry, this influencers misuse that power and engage in pump and dump scheme to benefit themselves.

Elon isn't any difference, one who had taught the richest or once richest man won't go so low as he's currently doing inorder to make more money. It's quite frustrating to see the market suffering just because of one person tweets (selfishness) like in the days if 2017 thought the market has matured but it seems the noobs have out numbered the experience users and falling to this fud all over again.

It may happen but that is a big if. However it seems Elon has a unique mindset. He says no today, yes tomorrow, and no again the following day. Elon is a bit unstable with his mind and decision. And that makes him unique among other big names in Bitcoin.

It clearly shows that when he supported Bitcoin he didn't understand it, like at all. That is the reason why he could also easily shift position. This won't probably happen with the Winklevoss twins, Novogratz, Saylor, and the rest of hardened Bitcoin supporters.

I think you are trick fucking your mind and should buy the dip.

set a ladder at

42k
41k
40k
39k
38k

I disagree.

Do you think that Elon and other influencers can just simply make the market go down just by tweeting?? Just focus on the charts and see that the Bitcoin market has been going upwards for more than 8 months already (35 weeks to be exact) and like everyone is thinking, every market is going up and down and so is Bitcoin. We need to see a correction to shake off the market. Its not good that we will just see Bitcoin going up and up.

The Elon Musk effect will just be for the short term but for the long term, this effect will slowly disappear and Bitcoin will go up again. Do you think that the market is revolving around crypto influencer's tweets that is why you are saying that they can make Bitcoin down to $20,000?? What a stupid mindset it is if you are thinking like that. Just buy the dip and be happy. As for Elon, he might be influential but his knowledge about cryptocurrency is like an average investor. He doesn't know how crypto works.

It is not about how many people are spreading FUDs at the same time, it is all about how many brainless zombies and how many whales have how much bitcoin to panic sell and manipulate the market with. Since that number is fixed it doesn't matter if every manipulator with large number of followers started FUDing bitcoin, in the end the panic sell size is going to be roughly the same size.

^ Probably no and I think it was not just Elon Musk who affected to BTC price to go down. We have to consider the fact that people also want to take advantage of the BTC increase and will make sure to keep the profits they suppose to have. (1) Not just that, we have to consider the fact that Binance was publicly announced to be under investigation and will be handled by the Department of Justice and the IRS. And that news affected the decision of the Whales big time. You are a fool if you won’t consider this one as a threat. (2) Not just that, negative and unprofessional reactions from the community who are against Elon Musk ignited the fire too. And see what was the results.

It’s actually very debatable if Bitcoin’s price was indeed crashed by Elon Musk’s tweets. Look at the price chart, Bitcoin was correcting before Elon Musk, it will surge and crash after Elon Musk, and nothing can stop Bitcoin from its path to price discovery.

There are not that many people like Elon Musk. I mean sure there are rich people but they do not change the price. Warren Buffet has been against bitcoin for a decade now and that did not dropped the price, Bill Gates is not a huge fan neither I suppose and that did not dropped the price, Samsung is a huge company and puts a crypto wallet in their phones because they like crypto and that did not increased the price neither.

Honestly what makes Elon so powerful and allow him to manipulate is not his richness, nor his fame, it is luck which started when he first promoted dogecoin and it went up a little bit and all the other people who saw that joined more and more and more, that's all there is to it. That is why I think it is quite important to realize there is really nothing that could be done about this without any changes to peoples mindset about Elon and how "powerful" he is because they are the ones that gave him the power.

I particularly do not like to see much articles or analysis of traders or investors that put BTC in a bearish trend, because in my opinion I think that Bitcoin still has more to give, one of the indications that many expect the most is the season of altcoins, that well lower the dominance of BTC this does not start, I also follow Peter Brandt that the man more than 1 month ago said that BTC was going to have a fall of almost 35% of its ATH, and in fact it has been fulfilled, but now he said something which is not very positive:

https://i.imgur.com/xD9Xdwv.png
Source: https://u.today/peter-brandt-calling-the-top-as-bitcoin-plunges-to-40k-will-it-see-16000 (https://u.today/peter-brandt-calling-the-top-as-bitcoin-plunges-to-40k-will-it-see-16000)

When I saw the image, it makes a lot of sense, but there are more factors, I think that the whales of 2017-2018 have not entered into action in the market, I think that it is still necessary for the true bullish trend to begin, but it is also likely that a re-accumulation occurs.

Right now, it looks like bears have total control over the market and selling the big coins. But the point to be noted here is the BTC dominance hasn't changed a bit. It's still at the 40% mark and the alts are not shaking against BTC. It may look like a heavy sell out but the long-term holders are still holding.

I'll repeat what I thought in April when we did have a sell but it recovered, which is that 200 day average is possible and will likely always occur sooner or later.  Thats where we are, though I've lost the train of thought my conclusion also was 30k is about the bottom of my estimates for negative move to mirror the frothy highs and anywhere in 30 to 20k area was a blind buy.   I dont know if anyone can be more negative then me but I keep an estimate I set on a sunny day for when its raining.
   I dont rate this price action as 'new' it was a feasible scenario, we are revising prices compacting and losing weak holders especially those with leverage and now the biggest moving average is here.   Prices dont move in straight lines so I consider further selling with caution, it can rise because some of the lower prices is from short selling type action or leverage trades that will close and result in action resulting in demand.

https://talkimg.com/images/2023/06/12/AJxgj.png

This is just the 1hr bars for a 2 day average and seems a good guide to measure, its been a ceiling capping any buying.   All averages converge with price eventually and this is a pretty fast one to challenge, I'll watch it for a good measure of how we progress.   Obviously there is always news, always other factors but the truest action is on charts imo

If more people say negative about bitcoin, that can impact the price to go down for more, and even the price can drops below $40k soon. But besides the bitcoin price falls, we can have another chance to see the altcoin will have the time to increase because I see that some altcoin can still increase in this bearish time for bitcoin price. And if some altcoin can back increase, it could trigger the other altcoin to increase, and who knows, we will see another altcoin season which can lift many altcoins to hit the new ATH. But I hope people will not panic and stay calm if the crypto market is still going down because we need to see if we can enter the market or only need to watch the price moves.

There are many speculators in this market, as you said, more individuals like Elon Musk. They are selling bitcoins right now because they predict the market is going to crash to deeper levels, so they can start investing again when btc reaches to the bottom. These people aren't leaving crypto market, they are just taking a break.

The real issue is that the small and new investors get too disappointed in times like this, so many of them may think about quitting bitcoin definitively. On long run, whales get stronger, because they never give up crypto market and know how to play with prices, while mass adoption doesn't happen, as people from this second group are well know for their weak hands and for being impatient.