BTC is up $4500 in 30 munites?

[adaseb]

It was either the options expiry which happened right before or the Elon Musk bio change. The bio change is more relavent because it was minutes apart when the pump happened. This is basically equilvant to the Xi pump back in 2019 however I don't like how the entire pump pretty much retraced. This points to signs of a weak bull market.

This is similar to what happened in Oct 2019 with the Xi pump, it was the largest candle in BTC history however price eventually engulfed the entire move and went lower. And we were trading sideways more months and that $10K resistance was tested twice before it finally broke.

So hopefully we start to go back up from $33.4K area or we will most likely go back down to $30K and this time it will break and we will be in the mid $20k's. I am getting a little bearish at this price action.

[gabbie2010]

Besides making a profit from dogecoin, we can also profit from bitcoin, which increases again after its stays at a lower price. We thought that Elon Musk adds bitcoin to his profile, so people interest and buy bitcoin as soon as possible. But I am sure there are many reasons behind that, making bitcoin price suddenly get a pump. If the situation can still like that and have more buying orders, the price can increase more than the price now, and bitcoin will have a chance to back to $40k in the next month.

Yes you will if you sell doge coin when its price touched $0.08. The altcoin price movement is so volatile than bitcoin price movement, just needs a few hours the price just comes back to the price where it starts to increase. Especially when you are a future market trader, you have to trade on a low time frame because when you use a high time frame I don't think your psychology will think using a rational brain.

Elon Musk's tweet alone will not be enough to keep bitcoin prices at their current levels. There must be a driver so that every investor believes that the bullish market is still holding out and is able to push prices higher. And maybe I am still curious and doubt that the price will continue to rise, the monthly candle will form one more day, if this month's candlestick forming bullish engulfing then there may be many opportunities for the price to go even higher.

The monthly candlestick is showing a rejection pattern more like a pin bar, an indication of price reversal next month however Bitcoin in most cases defies any form of technical analysis because fundamentals drives the price of Bitcoin  meanwhile I don't subscribed to the notion that Elon Musk's tweet was responsible for the sudden pump in  price of btc, if his tweet was responsible for sudden massive investment then why the rapid dump again? the price should have continue to pump and rally up with more investors joining the train

[Oasisman]

Elon Musk brought bitcoin to the moon for awhile... don't worry we are back, bitcoin is trading now at $34k.

No, we cant directly give credit to Musk. Exchanges were high in liquidity due to dodge pump. As soon as Elon changed its bio, whales shifted the liquidity to BTC resulting in approx 40% dump in Dodge and 15% pump in BTC.

That could be one, but since there's no certain reason for the pump and the Elon Musk bio change has been perfectly timed minutes before the pump, so that's the reason why a lot of people are pointing the Elon Musk tweet as the closest main reason for the pump, including some of the articles.
However, we all know that pumps and crashes doesn't only focused on one reason, but there could always have the major one.

[iv4n]

Elon Musk brought bitcoin to the moon for awhile... don't worry we are back, bitcoin is trading now at $34k.

No, we cant directly give credit to Musk. Exchanges were high in liquidity due to dodge pump. As soon as Elon changed its bio, whales shifted the liquidity to BTC resulting in approx 40% dump in Dodge and 15% pump in BTC.

That could be one, but since there's no certain reason for the pump and the Elon Musk bio change has been perfectly timed minutes before the pump, so that's the reason why a lot of people are pointing the Elon Musk tweet as the closest main reason for the pump, including some of the articles.
However, we all know that pumps and crashes doesn't only focused on one reason, but there could always have the major one.

Big people make big waves! +40M followers is a lot, and I am sure when he added Bitcoin in his bio, and tweet about how it was inevitably affected some people to buy more, and some to buy for the first time! Of course as you say Oasisman, there are probably many other factors, but this can be a trigger! After all the time frame is really crazy, the moment when he did that and just after 18 minutes the price started moving up like crazy!
Well it's down again! Crazy times for crypto and all of us involved, I wonder what we will see next...

[exstasie]

I was watching it thinking, "yep, this looks real sustainable." Nice pump, but trying to force a breakout with market buys like that usually ends in tears. Not surprised at the full retrace. There was lots of latent supply that wanted to sell at those prices; the orders just weren't on the book when the market buys occurred.

Lots of sell volume in that daily candle. And the move from the lows didn't look impulsive. I think this might troll around a while longer, and we might still get a real capitulation into the $20,000s eventually.

[Janation]

I don't know if Elon Musk really started this increase.

The price is not at $33K but it reached up to $36K which I thought would straight fall under the $20K price mark. Maybe this is just an increase since we all know how the market move right now but one of the reasons right now is the tweet or hashtag of Elon Musk talked in this thread: https://bitcointalk.org/index.php?topic=5313053

[aysg76]

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Big people make big waves! +40M followers is a lot, and I am sure when he added Bitcoin in his bio, and tweet about how it was inevitably affected some people to buy more, and some to buy for the first time!

Buying for first time after twitter bio update and leading it to raise in price is logically not possible. Making a new account, verifying KYC takes atleast an hour or so.
Musk do influence alot of people , so yes people already into crypto might have bought more after his actions.

[blckhawk]

Elon Musk brought bitcoin to the moon for awhile... don't worry we are back, bitcoin is trading now at $34k.

No, we cant directly give credit to Musk. Exchanges were high in liquidity due to dodge pump. As soon as Elon changed its bio, whales shifted the liquidity to BTC resulting in approx 40% dump in Dodge and 15% pump in BTC.

That could be one, but since there's no certain reason for the pump and the Elon Musk bio change has been perfectly timed minutes before the pump, so that's the reason why a lot of people are pointing the Elon Musk tweet as the closest main reason for the pump, including some of the articles.
However, we all know that pumps and crashes doesn't only focused on one reason, but there could always have the major one.

Indeed this might not be the main reason for the pump but I pretty sure that this was a trigger. Imagine Bitcoin is just sitting for about $31k or something but when the news started to outspread, Bitcoin suddenly goes up while Dodge starts to dump as well this could only mean big investors and whales do really liquidate on BTC. But maybe this could be the only reason because there's no big news besides on it that could make Bitcoin move in a single amount of time.

[Saisher]

I don't know if Elon Musk really started this increase.

The price is not at $33K but it reached up to $36K which I thought would straight fall under the $20K price mark. Maybe this is just an increase since we all know how the market move right now but one of the reasons right now is the tweet or hashtag of Elon Musk talked in this thread: https://bitcointalk.org/index.php?topic=5313053

It's not a coincident he really has a part of the pump because it happens hours after his tweet and Elon is not an ordinary investor, he happens to be the richest man now, and what he says will have a big impact on the business industry, I hope we'll have another round of tweet for another round of pump.

[tbterryboy]

The monthly candlestick is showing a rejection pattern more like a pin bar, an indication of price reversal next month however Bitcoin in most cases defies any form of technical analysis because fundamentals drives the price of Bitcoin  meanwhile I don't subscribed to the notion that Elon Musk's tweet was responsible for the sudden pump in  price of btc, if his tweet was responsible for sudden massive investment then why the rapid dump again? the price should have continue to pump and rally up with more investors joining the train

Well, the price didn't "dumped" that much because we were around 31k price range before that pump and we ended up with about 34k or so, sure we reached to 36k-37k levels and that is great but at the end of the day we have come back to having still a higher price. Elon Musk did had an impact on the price for sure but not the whole thing, I just think he lit the first fire and fuse was lit but the thing that explode was the real traders and investors and that is the biggest reason.

Sometimes we need a bit of money helping us time to time and when there are a group of new people who invest enough to buy thousands of bitcoins and change the deal very much, that would result with them helping us get over that small hump we are stuck at and end up with a higher price all our own if we want to after that as well. People need to realize we could use some of that help.

[Hamphser]

I don't know if Elon Musk really started this increase.

The price is not at $33K but it reached up to $36K which I thought would straight fall under the $20K price mark. Maybe this is just an increase since we all know how the market move right now but one of the reasons right now is the tweet or hashtag of Elon Musk talked in this thread: https://bitcointalk.org/index.php?topic=5313053

It's not a coincident he really has a part of the pump because it happens hours after his tweet and Elon is not an ordinary investor, he happens to be the richest man now, and what he says will have a big impact on the business industry, I hope we'll have another round of tweet for another round of pump.

Significant or not but since it do able to react when he made out that tweet then it does shows that this market is really reactive on what those big personalities do really say off.
We cant deny that this man is a rich man and capable of investing into something and if he shows up interest in bitcoin then that would really be a probably a sign that this
market will really be dragged on to new heights if he would invest and that way people do really react first and wont really be tending out to missed out the train.
Typical market reaction specially for people who do always look out for fundamentals but overall speaking of movement on 4k+ in under 30 minutes isnt something
rare that you an see into this market.

[XCANA]

What's gong on?

Nothing much went on, bitcoin has always be what it was meant to be from history, we have seen similar situations like this when the said bitcoin will rise and go down but this time the social media attributed this pump to Elon Musk. Although he tried in dogecoin but can't see reason why he's be accorded the reason for bitcoin 30minutes pump.

[buwaytress]

It was either the options expiry which happened right before or the Elon Musk bio change. The bio change is more relavent because it was minutes apart when the pump happened. This is basically equilvant to the Xi pump back in 2019 however I don't like how the entire pump pretty much retraced. This points to signs of a weak bull market.

This is similar to what happened in Oct 2019 with the Xi pump, it was the largest candle in BTC history however price eventually engulfed the entire move and went lower. And we were trading sideways more months and that $10K resistance was tested twice before it finally broke.

So hopefully we start to go back up from $33.4K area or we will most likely go back down to $30K and this time it will break and we will be in the mid $20k's. I am getting a little bearish at this price action.

As much as I haven't really bought the options expiry theory, it's hard to ignore the consistent and consecutive correlations (price rushing to fill the gap especially). In both cases (bio or options expiry) the retrace is usually as heavy and sharp, so no surprise there.

Like you, am expecting some blood some time soon. The sub 30k tests we've had already have really been weak ass.

[doomloop]

As much as I haven't really bought the options expiry theory, it's hard to ignore the consistent and consecutive correlations (price rushing to fill the gap especially). In both cases (bio or options expiry) the retrace is usually as heavy and sharp, so no surprise there.

Like you, am expecting some blood some time soon. The sub 30k tests we've had already have really been weak ass.

It wasn't as heavy though, price was around 32k levels and moved to 38k levels and tracked back to 34k levels, same with doge, sure it is a "small increase" in theory but the fact that it didn't dropped as much as it was is the key point here, which means if we could really work hard for something a lot more frequent than this, and end up having these huge increases back to back, like weekly, we could potentially break over 40k in a month.

However this happens very rarely so usually they are null point, so what if price increased, because it does this huge spike and less drop like every 6 months due to someone or something major and that means it is not important. Hell we had bigger increases all for regular increases, nobody or nothing really made us buy it, we just bought it because we thought it would go up, that is the key here and we need that.

[exstasie]

The bio change is more relavent because it was minutes apart when the pump happened. This is basically equilvant to the Xi pump back in 2019 however I don't like how the entire pump pretty much retraced. This points to signs of a weak bull market.

This is similar to what happened in Oct 2019 with the Xi pump, it was the largest candle in BTC history however price eventually engulfed the entire move and went lower. And we were trading sideways more months and that $10K resistance was tested twice before it finally broke.

So hopefully we start to go back up from $33.4K area or we will most likely go back down to $30K and this time it will break and we will be in the mid $20k's. I am getting a little bearish at this price action.

Like you, am expecting some blood some time soon. The sub 30k tests we've had already have really been weak ass.

I'm also leaning bearish myself. Full retrace from $38K and failure to retake the technically significant $35K level....those are typical bearish signs. To boot, we never saw a high volume capitulation in the $20Ks. Like you said, just weak ass tests. The market may need to truly flush out top longs and weak hands before the bull market can continue. There just isn't excess demand at these price levels, not right now.

[Japinat]

What's gong on?

You can't hold the pump nor the dump to come out. That is how the market works and so many factors affecting it. And it is very simple, we have to go along with the flow as we are not in control of it.

From $10k, jump to $20k, $30k, and finally stops at $40k plus. That is very surprising and not all of us are preparing for that. And yet, who knows that by tomorrow we dump at $30k or $20k?
It is very unpredictable, it only makes us crazy if we keep watching on the chart and tried to catch what will happen next.

[buwaytress]

Hell we had bigger increases all for regular increases, nobody or nothing really made us buy it, we just bought it because we thought it would go up, that is the key here and we need that.

That's really all there is to it at the end of the day isn't it? We buy because we believe it will go up. Although, I sell because I need the liquidation in cash, not because I believe it will go down. When you think about it, not everyone who sells believes it's going down, more people sell because they have to, than buy because they have to.

I'm also leaning bearish myself. Full retrace from $38K and failure to retake the technically significant $35K level....those are typical bearish signs. To boot, we never saw a high volume capitulation in the $20Ks. Like you said, just weak ass tests. The market may need to truly flush out top longs and weak hands before the bull market can continue. There just isn't excess demand at these price levels, not right now.

Yeah, still early days and it really doesn't take that much for weak hands to reveal themselves. We will need some serious bears to dust themselves off and get serious about forcing Bitcoin to find a floor though. No one's committing anything is why we're not getting any strong signals yet.

[BuNga_cute]

I admit that there is indeed a connection between Elon Musk Twitter bio and the Bitcoin increase that occurred for 30 minutes, although finally
the price of Bitcoin is now down again to a price of $ 34k. But we all know that Elon Musk's influence is big enough to make the Bitcoin price
suddenly go up. Now the Bitcoin price is trying to go up again, because several times the Bitcoin price has tried to get past the $ 34k price.
Hopefully the Bitcoin price can really go up again this week.

[doomloop]

Hell we had bigger increases all for regular increases, nobody or nothing really made us buy it, we just bought it because we thought it would go up, that is the key here and we need that.

That's really all there is to it at the end of the day isn't it? We buy because we believe it will go up. Although, I sell because I need the liquidation in cash, not because I believe it will go down. When you think about it, not everyone who sells believes it's going down, more people sell because they have to, than buy because they have to.

I have always found that a very logical argument for selling. For example my mom had a health scare back in 2018, she was scared to have a heart condition, thankfully nothing came out of it but I had to cash out almost 50% of all my bitcoins during that time, paid all the hospital bills and if I kept that now it would have been about 50k dollars, but at the time it was like 8k or so, I have missed out on 42k profit because of it. However do I feel regret? I certainly do not, because I needed to do that, and knowing that my mom is healthy and doing fine right now (except for a minor hernia which is really nothing compared to heart condition) that is worth more to me than any amount of money.

If you "need" to sell because of a reason, that is fine, and that is what I do, I buy because I think it will go up, and I will only sell if I need the money and not because I believe it would go down.

[Janation]

I don't know if Elon Musk really started this increase.

The price is not at $33K but it reached up to $36K which I thought would straight fall under the $20K price mark. Maybe this is just an increase since we all know how the market move right now but one of the reasons right now is the tweet or hashtag of Elon Musk talked in this thread: https://bitcointalk.org/index.php?topic=5313053

It's not a coincident he really has a part of the pump because it happens hours after his tweet and Elon is not an ordinary investor, he happens to be the richest man now, and what he says will have a big impact on the business industry, I hope we'll have another round of tweet for another round of pump.

Yeah, you are right. I think he really contributed at that pump.

Because of that hashtag, it pumped. I don't even know how that invited more people to invest since just one hashtag made the price pump. I guess we can say that he is really influential and been followed by a lot of people that might be interested in some of his investment ventures the same with investors in his company.