Has Elon Musk's twit caused the Bitcoin bubble burst?

[Cedric2801]

Has Elon Musk's tweet caused the bitcoin bubble to burst? Will it be the beginning of the bitcoin crash?

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[Upgrade00]

No single individual has that much influence over the price of Bitcoin to cause a price crash. Price corrections and dips are expected during a bull run; these does not indicate it's a bubble which was getting to burst.

People thought Bitcoin was a bubble at $1k, $10k, $20k and now at $50k, it however still grows higher regardless of price retractions

[Evilish]

What bubble, what burst? We are still trading at 50% above the price BTC opened the year at.

Corrections like these are always in play. A "crash" is always around the corner too. If you can't handle these corrections (big or small), Bitcoin is not for you.

This is why people need to understand the market before they invest in Bitcoin, otherwise we see panic induced posts like yours.

[tinopener]

There was also a tech stock sell-off today.

Tech investors may have also sold Bitcoin affecting the price in the short term.

However, others may be looking for somewhere else to put their money now so might buy into Bitcoin in the medium term.

[raskolnikovx]

Has Elon Musk's tweet caused the bitcoin bubble to burst? Will it be the beginning of the bitcoin crash?

Elon Musk, Bill Gates, Janet Yellen, the Tether drama by NYAG. You can keep seeking for coincidences. Truth is that the price skyrocketed to 58K and, as always, a correction was expected. Is this the one that will close the bull season? The next few days will tell. Meanwhile, if you made a profit with the Dec/Feb raise, take some.

[Cedric2801]

What bubble, what burst? We are still trading at 50% above the price BTC opened the year at.

Corrections like these are always in play. A "crash" is always around the corner too. If you can't handle these corrections (big or small), Bitcoin is not for you.

This is why people need to understand the market before they invest in Bitcoin, otherwise, we see panic-induced posts like yours.

https://www.abc.net.au/news/2021-02-17/bitcoin-record-high-crypto-bubble-sceptics-fomo/13158596

https://www.barrons.com/articles/the-bitcoin-bubble-could-be-popping-its-a-headwind-for-some-high-flying-stocks-51614105457

https://pursuit.unimelb.edu.au/articles/behind-the-bitcoin-bubble

https://www.wired.co.uk/article/bitcoin-value-price-surge

https://markets.businessinsider.com/currencies/news/bitcoin-outlook-price-not-ready-mainstream-3-reasons-ubs-warns-2021-2-1030068586

[STT]

If Elon was what determined success in crypto it would already be over whatever he said, its not reliant on one person.   Perhaps the straw that broke the camels back but I dont think markets work that way and the sell off in BTC is not even especially dramatic compared to how much larger it could be after such large rises.   The market seems pretty moderate relative to the size of the move in the last year, that alone makes it bullish over the longer term and suggests further gains are not unreasonable.    Bubble burst is a popular analogy but this is a market adjusting, its not a correct fit and I'd say that even if I knew the price would drop the rest of this year.

[passwordnow]

If you think that it's start of the crash, mostly will just disagree to you. We may have seen a couple of flash crashes but that doesn't mean that the bubble has burst, because again if people still think that bitcoin is a bubble then you're going to be out earlier than the new comers.
The rise and fall will give you an idea which is favorable and how much was the total gain of bitcoin, if it has burst's its bubble then the question that will be asked next by most people that worries about flash crashes, is when will be this secondary layer of the bubble will burst.

[hulla]

First, it amazes how some naive cryptocurrency investors/traders believe Elon has the final say to determine the next momentum of the crypto market using his tweet.
OP, Elon doesn't have anything to do with the last market dump at price and I believe it the Wall Street but the dump in price is just a market correction wish shouldn't be seen as the beginning of the Bitcoin market crash

[eaLiTy]

Has Elon Musk's tweet caused the bitcoin bubble to burst? Will it be the beginning of the bitcoin crash?

The tweets of Elon Musk is making ripples all the time, his recent tweet might have broken many bubbles including his personal worth as a valuation of over $15 billion was shaved off from his asset after the tweet and his position as the richest man is gone because of one single tweet and this is not the first time he is making these costly tweets and he is one hell of a character  .

[Oceat]

Has Elon Musk's tweet caused the bitcoin bubble to burst? Will it be the beginning of the bitcoin crash?

Don't worry, OP everything is still in normal there's no bubble being burst yet it's just the way how the market works it's probably the price correction did its job to make a dip. It's a blessing in disguise if you would ask me because you can actually buy during this dip and wait for the right time to sell.

Elon Musk is just feeling like a celebrity or something to troll the market with his tweet and those fools believed in what he was saying and that actually causes the dip because they think it's dumping time. What a weak handed people.

[GreatArkansas]

Which tweets?
Elon Musk is a funny person sometimes. Some of his tweets are purely just for fun or meme purposes, some may sarcastic.
Even how Elon Musk will make some tweets in the future, people will start to adopt it, people will learn and start to treat it normal, one example is the FUD spreading on random news articles or sources a few years ago.

[thecodebear]

I like how every time there is a dip in the market some people think "the bubble burst!" haha


Bitcoin will be back to pushing new highs in March and will hit $100k this summer. Hard to not have a bit of a support finding dip when you go up by >50% in like two weeks!

[Dave1]

Has Elon Musk's tweet caused the bitcoin bubble to burst? Will it be the beginning of the bitcoin crash?

First I will say that we are definitely in a bubble, but we are not yet on top, so there's no bursting or whatever. We are still going up or at least just started to form a bubble, so Elon Musk tweet didn't cause any bubble. What we have seen is just the normal cycle of a bubble, we need to see some price correction in order for the bubble to move forward. We need to wait till the end of the year to see if we have reach the top of the bubble or not.

[Baofeng]

As much as we can call Elon Musk an influencer, his tweet can be the reason for bitcoin to be burst. Everything still boils down to supply and demand. If traders and speculators see that we are in an overbought zone, the demand will go down and obviously the price will dip as well. There will be a big catalyst that will bring the market down similar to 2017's burst, but I don't think it will be Elon Musk tweet.

[Twinkledoe]

As much as we can call Elon Musk an influencer, his tweet can be the reason for bitcoin to be burst. Everything still boils down to supply and demand. If traders and speculators see that we are in an overbought zone, the demand will go down and obviously the price will dip as well. There will be a big catalyst that will bring the market down similar to 2017's burst, but I don't think it will be Elon Musk tweet.

But the good thing here is that, it will not go down hard as it used to be. This is because there are so many stakeholders now. It is not just because Tesla was the only one who bought bitcoin, but there are so many financial institutions that are already into bitcoin. So even if there will be crash, it would not be that low. The situation today is different than couple of years ago.

[bbc.reporter]

It is being speculated that some original miners and early adopters are dumping their coins since December. Why they are doing this is unknown. However, I speculate that they might become early adopters of another project. That project might be the other coin that theymos accepts for copper memberships hehehe. This coin has also received a donation that came from a coinbase transaction of an original miner.





Source https://twitter.com/n3ocortex/status/1364699416012222465?s=12

[adaseb]

I don't think Elon caused BTC to start the decline I think it was more people like Lindsay Lohan, Snoop Dogg, SouljaBoi, KISS, Tai Lopez, etc. They pretty much either got paid to tweet about crypto or they just gave crypto a bad image. Especially with what happened with Doge coin.

Later on it was the laser eyes that everybody started to use. All over twitter and even on CNBC we see people with red laser eyes including the two Winklevoss twins. Another top signal could of been those NFT arts selling for like $100K. Which seems like complete repeats of ICOs. Another top signal can be all these DeFI coins which get 10x gains in a manner of days.

[South Park]

What bubble, what burst? We are still trading at 50% above the price BTC opened the year at.

Corrections like these are always in play. A "crash" is always around the corner too. If you can't handle these corrections (big or small), Bitcoin is not for you.

This is why people need to understand the market before they invest in Bitcoin, otherwise we see panic induced posts like yours.

I find it funny that the price is above 46k and people are worried about a crash, the correction was important, that was undeniable, but this is not a crash and even if it is so what? A person does not have the power to just crash the markets, also we must remember that Elon Musk has bitcoin, why would he crash the market on purpose? He will be affecting himself negatively in the process, so most of the time it is impossible to adjudicate an important movement to a single news or event like the OP is trying to do.

[shoreno]

It is being speculated that some original miners and early adopters are dumping their coins since December. Why they are doing this is unknown. However, I speculate that they might become early adopters of another project. That project might be the other coin that theymos accepts for copper memberships hehehe. This coin has also received a donation that came from a coinbase transaction of an original miner.

they are dumping since december but why there was no real drop happening in the past months . miners are also like us and the reason why we sell our coins because we want to profit . they are experts and they believe that the price of btc last time was the highest so they sell what they got and they also sell because like what you said they are investing on another new coin but was that coin not the mimble wimble coin something ? because afaik that was the coin that was introduced on this forum before or they might be a new addition in the team  . thats cool though