Bitcoin Forum

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

The recent rise in the price of Bitcoin has been astounding, where most of the information we have is that a bear market is happening. but in fact the bear market did not last long. so still waiting for this increase to continue to $40,000 more, we are looking forward to it.
despite the profit factor, I believe Bitcoin is not for individuals to play with.

Please stop talking about him and start looking the other way.

Some say that it was another tweet from our friend.
Some say it may be Taproot lock in over week-end.
I'd say that the artificial, FUD based downtrend had to end (sooner or later) and it's just about time for that.

It may worth mentioning that the hash rate seems to be recovering too.

What did he tweet this time?

The bears are exhausted and are going into hibernation. :-)

He seems to have been saying that Tesla Will Start Accepting Bitcoin For Payments Again (https://bitcointalk.org/index.php?topic=5343677.0). Of course, the herd didn't read the rest which tells that nothing has changed.




I did a quick check and I didn't find the tweet though.

It was a reply, that's why is not showing on his main page
https://twitter.com/elonmusk/status/1404132183254523905

10k comments and 50k likes for a reply in less than 24 hours, and people are stills saying Musk is becoming irrelevant and his influence is fading away! We're living in the social media age, one fart by those so-called influencers and everything is upside down no matter what the reality is or what pure reason tells you it should happen.


The herd never reads, or if it does no matter what is written there they will understand what they want to.
But right now, I don't care that much, it's going up so everything is fine, wait till the moron opens its mouth again... :(

13% up or down is nothing we haven't seen very many times - that percentage used to be much higher on some occasions. People are always trying to find a reason why something happened in order to try to predict the market in the future - but in most cases the reasons are only discovered in the future or remain completely unknown.

What seems to me to be the reason for today's growth is the fact that the price has stabilized in the zone above $30 000 for a long time and that each time there was strong resistance in that zone - the market simply moved in the other direction, but now we need to see if it can keep that direction or will repeat tomorrow the same story we have been watching for the past month.

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EM may no longer enjoy the trust and respect of one part of the crypto community, but its number of followers is increasing every day, which means that its popularity continues to grow. If we go in the direction of conspiracy theories, who can say with certainty that he deliberately bring down the price to accumulate even more coins - and now indirectly gives signals that it is possible that he will change his mind.

It's not so bit percentage to be surprised. We've seen a lot bigger. El salvador, Taproot, Elon's tweet and other things did it.

Probably that fcked up troll Elon Musk again. I really can't understand the mind of the masses nowadays. Never have I thought in the past that a time would come when lots of investors would rely on someone's tweet to make profits or decide when to buy or sell. This is just outrageous, and here I thought people already learned well after Elon Musk dragged this whole industry to the bearish times and made lots of people lose their capital. Don't get me wrong, I love to see green on ky portfolio, it's just that I think it would've been better if the price went up because accumulation process has finished and the hdling process just started.

Don't forget the Nexon purchase worth 100m USD in bitcoin, these barrage of more positive news is a good indicator that the prices are going to rice again in the next month or so since there's another institutional investor joining the fray.

As of now the current price of bitcoin is $41,000.

There are just two news today which might have caused the increase in bitcoin price.

1. Elon Musk replying to a tweet about accepting bitcoin for Tesla when it uses more than 50% clean energy
2. Paul Tudor Jones speaking about inflation of USD and advicing to hold at least 5% in bitcoin

Both the news have created a positive sentiment today and I think this is why we are seeing the current spike.
But I also think that the price will correct soon. We might see below $40k again followed by another pump in price.

Reference:
https://twitter.com/elonmusk/status/1404132183254523905
https://cointelegraph.com/news/bitcoin-price-hits-40k-as-paul-tudor-jones-slams-fed-inflation-claims

I guess that's because BTC hit one of its support prices and now investors are pouring in some money seeing a decent recovery from the support price. Also, Bitcoin adoption by El Salvador and other positive news are likely to boost the price of bitcoin.

Also, the recent trend of "buy the dip" is influencing the masses to buy Bitcoin at the current price.

Combination of many reasons. Tap Root, E***s tweet again, El Salvador's good news and the usual market that whenever we see a crash.

There's a recovery after it. I guess we're going to see $50k again if this continues but I know that there will be some stoppage along its way.

Even so, Elon can be a bully and a jerk given the thoughtless transmission of recent tweets.  But again, Elon and Tesla continue to accept bitcoin under different circumstances.  Next, after the opening from El Salvado, it is very likely that a new move in Tanzania is making a big impact and effect.
 https://swahilitimes.co.tz/2021/06/rais-aiagiza-bot-kujiandaa-na-matumizi-ya-sarafu-za-kimtandao-cryptocurrency/ (https://swahilitimes.co.tz/2021/06/rais-aiagiza-bot-kujiandaa-na-matumizi-ya-sarafu-za-kimtandao-cryptocurrency/)
 It has driven the price up again, 12% now is just the beginning and I believe bitcoin is still in the race to $100k, grab it!

Looks like someone invests a huge amount of money, the market cap goes up from $1.55T to $1.74T, so that means someone or a group invest $0.2T in the market, and with a huge amount like that for sure we see how the price has a nice bump.

Some people say the bump was because tesla says in a tweet that they will accept bitcoin if the miners goes 50% green, but I'm not sure.

               It may be a coincidence but just a few moments after Elon Musk said something again, the price went up quite a lot. But I really am not sure whether this is just because of his influence alone or because of some ofher good news like that famous dj selling some property and accepting bitcoins or Ethereum as payment. Or maybe, the bears had enough of accumulating and wants to see some profits now and so bulls have regained the upper hand.

It's quite natural for the price to be corrected after a big drop. The same happens with a large and sharp increase in price - there is almost always a correction and subsequent movements in the opposite direction. This is how all financial markets work and it is the same on classic and cryptocurrency exchanges.

It's not a coincidence but rather people is fomo buying after Elon Tesla accepts Bitcoin again. The dump from all time high is due to consecutive bad news on cryptocurrency plus the multiple tweet of Elon against Bitcoin farming. This is the news we are all waiting for trend reversal. Elon supporters and fomo buyers is now having confidence to accumulate more crypto especially Bitcoin and Dogecoin.

Listen mate, as far common knowledge Bitcoin follow the rule of supply and Demand.
If the demand will be more and supply less then gradually the price will increase.
As Musk made the price of BTC down, so many people thought to buy the coin now in low price, so the demand increased and supply became less.
This led to the rise of the price according to my knowledge.
I have also seen some twitter posts from any government regarding positive thought towards Bitcoin, this might also helped to make the price rise high.

It's him again playing the market (Elon Musk), I saw a notification on the Telegram channel (Cointelegraph) on Elon Musk accepting again Bitcoin on his Tesla company and probably the reason of Bitcoin suddenly pumping up starting yesterday.  I don't know what is going to say despite the criticism of other people to this crypto influencer Elon Musk, there could be a chance he will make a troll again to make the price pump again in the market.

Let's hope there's no market regulation behind this sudden pump.

However, I think there are too many factors too that contribute to the Bitcoin price pump in the market, like the recent president of El Salvador and the government announced the legalization of Bitcoin.

We’re still in a bull market, certain things may contribute towards price moves but we will be going up mostly for the rest of this year. It’s just what happens, we are in a bull market.

Very brave words. The last two months were rather big drops in prices and far away from signs of a bull market.  ;)
However, I have to admit that I am more close to the fact that this is not the beginning of the bear market, but a correction, and I also estimate that the price increases should last until the end of the year.

Maybe because there is good news as we know from Elon Musk's tweet and El Salvador being the first country in the world to legalize the use of bitcoin as a medium of exchange and news of Taproot which strengthened the bitcoin price by 13%.
news does affect bitcoin moves and but don't get caught up in the news, after a decline there is bound to be a rise and how do we capitalize on it and act smart for whatever reason, and it looks like the chart will be more likely to go up slowly and I hope it will continue like this.

he also said that Tesla has dumped 10% of the millions of dollars worth of bitcoin they have which people are so conviniently ignoring because it helps with claiming that Elon Musk is the only reason for this rise!!!

believe it or not this rise has nothing to do with him specially since he posted that tweet AFTER the price rise began. he also did the same thing last week when $39k resistance was being tested but failed to break it which again people are so conviniently ignoring!!!

Who knows, perhaps because of the rumor that the prodigal son Elon has agreed tesla will invest in btc again or because of the news of El savador accepting btc as legal tender, there are different good news about btc of recent that is enough to move the market upward a bit, but what ever the reason may be, it feels good to have some green candles, the market has stayed red for some days now, time to see green for a change.

It was only for the time being that the crash had an effect, like after institutions getting involved in buying from past year, things are not the same. So I assume the big institutions and whales are back in buying mode and things have started to look good again. Sooner if it like reaches 42-43k some momentum among the retail investors will also be up and might see some action in demand.

We were completely oversold and had incredible good news! The bears tried hard to keep it down but at some point it had to get back on track. Yet its too early to get too excited. Could be a trap as well.

I'm sure by now we have heard our dear friend Elon Musk again saying that he will accept bitcoin as payment method if miners are going to switch to clean source of energy. Maybe he will, maybe he will not, but as far as we're concern, we believed that majority of the miners are already using clean source of energy. We have broken $40k now, good to see, important barrier is $42k, if we did broke it now, then we're definitely into another great week. If not, then the price will hover around $36k-$39k again.

After all the FUD we had we have seen more positive news for bitcoin, for example the lock in of taproot which is going to bring a new era to bitcoin, and as we know the last time something like this happened, when segwit got activated, we also got a huge upwards movement because of it, this is making the market to turn bullish again and this is great as it was impossible for the price to remain that low especially when no one was really selling anymore and instead they were buying and accumulating more coins.

Elons tweet been affecting the market for quite long or its just because there are new investors who already thinks the buy at dip and start the market to recover again, it will be hard for many to rely only on tweets there might be more basis whenever theres pump or dump. But we can’t deny the fact that Elons effect before this bearish season is high.

Elon consider it a game, and he's enjoying manipulating the market. Same time making good profit out of the market. Right now traders who bought at the low price will be making good profits. This is why you need to be a king, when he wants he'll manipulate the market. Such activities will generate profit for him as well as the people following his activities. But, this could also ruin the good potential of Bitcoin.

It’s Elon and Tesla company again, they have said that they are going to accept bitcoin again and that’s why the price started to go up maybe they bought again or what but there’s a lot of good news in the past days and that’s the result. Bitcoin will always recover because that’s meant to be, so don’t be scared and don’t listen to any FUD.

If this were a Tesla deal, it would have to be announced publicly. Such transactions cannot take place without the shareholders' knowledge.
This is normal increase after a fake price dump.

That could have contributed but I guess the bulls needed a catalyst and Elon tweet gave them that, have you seen his recent tweet which gave some positivity to the cause as in if the miners are willing to accept green energy (which is friendly to the environment) that his company will be willing to accept bitcoin again.

Connecting all the dots you'll know that the boards are on, with his game. The decision he announced on twitter can't just been his, the board must be aware don't f it. They're all playing the market but sooner the market will get over them. They aren't the first and probably won't be the last, more and more lunatic will be made as the market keep dominating.

Lately in the past week there was tons of bullish news. One of them was the El salvador which made bitcoin a legal tender. This is huge news because it means that other countries might make it legal tender also. Another one was Saylor annoncing that they want to raise for debt to buy bitcoin. Intitially it was $400M then it was $500M which was accepted however the total amount that people offered was $1.6B actually, which implies that there is still huge demand there.

Yesterday there was a positive tweet from Elon Musk again. Claiming that they still hold 90% of BTC and that they will accept bitcoin again when 50 % of the energy is clean. Which is funny because currently 75% of all bitcoin mining is based on clean energy, not sure he got that memo.

I think that partially, it is also due to Musk's reacceptance of BTC in Tesla.

He certainly holds a lot of influence over the cryptospace these days, and changes tune evey so often. Which is why I think that you shouldn't put that much weight on his words like the rest of the market does.

Also, U.S. inflation data is very concerning which means that lots of people are looking for a safe haven to park their funds in long term. BTC is certainly one such asset class receiving attention right now.

as usual elon musk continues to make controversial tweets, as was done yesterday by saying tesla will return to accept bitcoin if miners use clean energy in bitcoin, and the impact of bitcoin prices rising again to reach $40K in a short time, but my question is now is ; How can Elon Musk determine whether a miner is using clean energy or not? Because I think miners certainly have a lot of different devices and energies in doing mining?.

Wrong it is not just elon musk is the cause of decline but many factors, like chinas banning mining.

but about the growth? why bother asking when some of the investors who sold in the dip are now re entering for not to be late in train ride?

So it is elon musk story again? stop that.

That’s like saying "pay me and I will help you" and that’s as bad as it gets. This dude owns a company called "solar city" and he is basically just saying "if you go for clean energy which I have both a company and a car company indirectly related, then I will help you pump your coin as well" which is basically blackmailing. If miners don't go there he will cause bitcoin to go down and cause those miners to lose money as well.

And if miners accepts this and move to clean energy it will be much much better for our world so I would be happy about it for sure, there is nothing wrong with them moving to clean energy it is a great thing, but the dude is not doing it because he cares about the world, he doesn’t care one bit, he just wants to be the wealthy futuristic person and that’s it, he only cares about himself and not the world, hell he can just run away to mars if something happens here.

1. Taproot upgrade
2. El Salvador making Bitcoin as a legal tender
3. Elon Sh*t making positive tweets regarding Tesla re-accepting Bitcoin payments.

TBH, Elon's tweet is a win-win. Miners might switch to a cleaner source of energy and if that happens, it will be good for the environment. At the same time if it reaches the threshold that he said which is ~50% then they will re-accept Bitcoin transaction payments which is good when it comes to adoption. I don't like Elon but with this tweet and if happens then it will be a good both for the crypto community and for the environment as well.

Overall, this rise is just a normal rise like many other rises that happened throughout the years. We've seen Bitcoin going down ~20% in less than a day in the past month so an increase like this will happen too. Nothing new unless you are a newbie :).

Of course, it's pretty obvious, the basic principle of supply and demand is working here. But we have to pinpoint where is the demand coming from? And others have showed us, Elon Musk tweet, El Salvador news, Taproot (on the technical side, not fundamentals).

So it's good to see the price going to $40k, there are even threads saying that bitcoin will not reach $40k again, (you know who am I talking here). And yet we breach it again although we are having a hard time sustaining it. But it doesn't matter, as long as there are still investors willing to pour their money then just a matter of time before we set another all time high.

Last week we've been encountered such good news for bitcoin like El Salvador making bitcoin as a legal tender in their country, Iran which is in good terms also by adopting bitcoin as a legal tender and the last thing is the tweet of Elon Musk about the accepting of Tesla in bitcoin as a mode of payment again. As much as I hate every time Elon Musk tweets about bitcoin but to be honest his tweet mark again but this time a positive outcome just don't know what might be his next tweet. I'd still remember the huge impact of his tweet which have caused on the dropped of bitcoin price in the market.

Elon Musk statement that it started accepting Tesla payments using bitcoin again, but on the condition that bitcoin mining 50% must uses clean energy and the Bitcoin price also got a boost from software company and major Bitcoin backer MicroStrategy who raised half a billion US dollars to buy bitcoin, so it made the price of bitcoin and a number of crypto experienced a price increase in the market, but unfortunately the positive trend did not last long and even today the price of bitcoin has experienced a slight decline in price of around 1.57% or around $38K

Price is always moving because of high on volatility and because of some people who bought it because they believe that btc will soon rise. Not everyone believe in Elon there are also investors that never been affected with some trolls and they always believe on there self that is why bitcoin will always unknown at price.

Musk may believe he has that power but it is a different thing to believe one thing and a different one to actually this being true, he does not have the power to ruin the potential of bitcoin and the more he engages on the manipulation of the market the more resistance he is going to face by those that are part of this market to the point his influence will diminish and it will be completely ineffective, it is going to take some time but eventually this is going to happen.

Good news will make bitcoin pumps there are so many good news that publish feom the pat days and it i think it is normal that the price moves up when investors saw some good news. Elon is always manipulating the market but there are still people that smarter than him. If Elon think that he can manipulate the market everytime then maybe he was wrong. People has a different sight on crypto and everyone has its own decision so i am not surprised if bitcoin will rise again.

Probably the barrage of positive news could be blamed for the rise in prices, remember that El Salvador's declaration of bitcoin being a legal tender, I am pretty sure that it's a big one and besides that is Elon's declaration of bringing back the payment option because if 50% of miners are using renewable energy sources.

We can be very skeptical of what Elon Musk is doing, but we cannot deny that it does not affect the cryptocurrency market.
I am sure that he will soon be forgotten as a cryptocurrency market manipulator, but what he showed proves that this market can be manipulated. I don't like it, but I still paid attention to what he writes and invested under his guidelines. I don't want to do this anymore.

Yeah, but it's all gone now, the 10%-15% rise was just temporary, might be artificial pump by some manipulators due to some positive news and then they sold off to take profits. If Elon is playing with the market, there are also speculators, those experience once, you knows how to make money too out of those statements from him. But then we have the China bitcoin mining ban news also bringing the market down. So the positive news is not enough offset the bad news coming from Chinese government.

But we can't do anything nor blame anyone, it's going to be battle of the fittest know. Those who have calm nerves will eventually win in the end.

Elon has started to throw some positive thoughts towards bitcoin that teslas was now back on accepting bitcoin. There's a lot of reason that they'll able to gain confidence on their business, that's why it's a bigger potential if bitcoin will be on of their side. Causes of rise back was only a random situation that we aren't yet accurate at this time, maybe there's a huge trigger which we will be beyond our control.

the price seems very steady since the hard fall, so it means that's the support level, and because there's a positive sign and news around the internet as well it makes progress after how many weeks of being stuck up around 30k,   for me it's either some of the traders and investor take advantage the news about El Salvador and follow the trend,, or bearish season is really done on the market..

Dude its normal for a crypto to go up and go down. Another thing bitcoin can go up without the help of Elon musk. Elon cannot control the normal price flow of Doge, look what happened. When Bitcoin reached its ATM for this season. Doge also stopped moving up.

And now after a few days we are seeing a decrease in the price, to me the whales are clearly playing with people but instead of using a correction to do it they are playing with their patience, we know that a great deal of those that came to the market during this year did so because they wanted fast profits, and if those profits are denied to them then they will sell their coins and the whales are going to be there to buy them for the ridiculously cheap price that we are seeing now.