Bitcoin hits key level since May...could Elon responsible

[Wakate]

Bitcoin traded above a crucial technical level over the weekend for the first time since early May, after comments from Ark Investment Management LLC’s Cathie Wood and Tesla Inc. Chief Executive Officer Elon Musk helped boost its momentum.

The largest cryptocurrency rose above its 50-day moving average on Saturday for the first time since May 12. It rose again Sunday, its fifth consecutive day of gains, to as high as $34,609.

Bitcoin had looked to be in danger of further declines after it fell below $30,000 earlier in the week, a level widely flagged by strategists as potentially spurring further drops. But it got a boost when Musk -- at “The B Word” conference on Wednesday -- said he wants Bitcoin to succeed and that his space-exploration company SpaceX Inc. owns some. Wood said corporations should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey said the coin is resilient.

For the first time in many weeks we are seeing bullish signs here and expect Bitcoin to head toward the upper end of the $30,000 to $40,000 range,” Pankaj Balani, CEO of crypto-derivatives exchange. Options activity indicate that $35,000 could act as a ceiling for Bitcoin for July, he said, but added that in the next couple of months “Bitcoin should face little resistance between $35,000 and $40,000 levels.”

https://www.bloomberg.com/news/articles/2021-07-25/bitcoin-hits-key-level-not-seen-since-may-amid-wood-musk-boost?utm_source=url_link

[Woodie]

Many of us don't take him serious but all I know is that each time he speaks crypto depending on whether the message was negative or positive, it usually moves the markets and that's what recently happened when he spoke of spacex holding some crypto ,and Tesla continuing with accepting bitcoin payments, markets should some bullishstrength.
He could actually be considered as a whale and how he uses his crypto does affect the whole ecosystem.

[OcTradism]

Did you believe that Bitcoin will have price at millions of dollars before the participation of Elon Musk in the market?

If you did believe it in 2019, because of its scarcity, mainstream adoption and by any model such as Stock to Flow model, the participation of Elon Musk is a small part of the party.

In fact, it is a small part on the market because Tesla or SpaceX are one of institutions that have investment in Bitcoin.

https://stats.buybitcoinworldwide.com/stock-to-flow/
https://www.buybitcoinworldwide.com/treasuries/

[PX-Z]

He could actually be considered as a whale and how he uses his crypto does affect the whole ecosystem.

I won't say he's a whale but a huge influencer is the right term, he has huge number of followers (well, it does make sense from one of the richest person on earth) that can sway emoations or any decision to any of his follower or non-follower which trigger the market, not that huge but it still can.

[amishmanish]

It has become trendy for us Bitcoiners to claim that "we don't care about what Elon says". Yet, its an unmistakable fact that whatever that man says is clearly making a difference. Musk loves influencing stuff. So he wore a Bitcoin tee on the day of the conference and made all the right noises. He even went on to ask Jack whether he'll accept bitcoin as payment for twitter ads. (To which, Jack's reaction was pretty much lukewarm. No complaints, just an observation)

He was willing to engage but Cathie and Jack probably didn't want to confront him or engage him intellectually like we were all hoping for. It was just a testing waters thing with Musk. Now with the super heavy booster launch schedule coming up, Musk may not have all that time again. Yet, he has played his part in showing to the world that the governments or corporations won't be allowed a walkover on individual freedoms and privacy. This is probably the biggest bullish indicator.

Personally, I am happy that he said the things he said, barring the Dogecoins stuff. That is where Jack and Cathie should have informed him of the facts, which they sadly didn't.

[Poker Player]

Did you believe that Bitcoin will have price at millions of dollars before the participation of Elon Musk in the market?

If you did believe it in 2019, because of its scarcity, mainstream adoption and by any model such as Stock to Flow model, the participation of Elon Musk is a small part of the party.

In fact, it is a small part on the market because Tesla or SpaceX are one of institutions that have investment in Bitcoin.

It is just as you say. What Elon says or doesn't say may have short-term influence on some retail investors, and I think less and less. In the long term, Bitcoin has been the most profitable asset in the world since its inception no matter what he says and will continue to be. Big buyers don't buy or stop buying because of what he says, they buy because they understand what Bitcoin is and how it works.

[Tytanowy Janusz]

The only thing that stops me from being super bullish is that this major move have being done during weekend low volume days. Without institutional investors on board. Most likely in Monday big players will come back to the market and short the top to scare everyone out to be able to jump in much lower.

[cryptomaniac_xxx]

The only thing that stops me from being super bullish is that this major move have being done during weekend low volume days. Without institutional investors on board. Most likely in Monday big players will come back to the market and short the top to scare everyone out to be able to jump in much lower.

Usually in weekends it should be slow day trading, but this is different, so let's see what will happen at the last week of this month. They have been shorting bitcoin for almost two months now and when we are about to break a barrier, the price suddenly goes down. Maybe the bots have been triggered to sell to gain some profits for this whale. As for Elon Musk influence, not sure, just because he said that he will re-accept bitcoin again suddenly we goes on a mini bullish run starting the 21th?

[hatshepsut93]

The current pump started during conference with Elon, and Elon was saying positive things about Bitcoin back then. But I wouldn't say that he is responsible for the entirety of the price gain, the market was looking for opportunities to rebound, I'm sure some other bullish event could have caused a similar reaction. But this 10% growth is really not big in the grand scheme of things, so I wouldn't think about it too much, because I'm not a short-term speculator.

[skarais]

The current pump started during conference with Elon, and Elon was saying positive things about Bitcoin back then. But I wouldn't say that he is responsible for the entirety of the price gain, the market was looking for opportunities to rebound, I'm sure some other bullish event could have caused a similar reaction. But this 10% growth is really not big in the grand scheme of things, so I wouldn't think about it too much, because I'm not a short-term speculator.

The Elon conference caused a positive reaction in the market as trader considered what it said were strong fundamental to make price go up. I also don't think that the price increase this time is just because of Elon Musk although I see him as someone who still support bitcoin. But what is more important is that bitcoin still find strong support at the $28K level during the downtrend.

[maisao1991]

In my opinion he is not a big whale investor but he is a big influence on people. and he has quite a few followers. As long as some of his information is good about BTC, I believe that the price of BTC will stabilize and increase.

[bittraffic]

The price still stays on the previous phase for weeks. It had been swinging on $30,000 - $3500 for weeks so what that Elon and Jack had been debating I guess is sort of a putting the price back to its previous state. If it could bring up to $40,000 theyd become heroes but not yet. Many are probably scared to death selling the BTC when the price drop below $29k.

[herurist]

Many of us don't take him serious but all I know is that each time he speaks crypto depending on whether the message was negative or positive, it usually moves the markets and that's what recently happened when he spoke of spacex holding some crypto ,and Tesla continuing with accepting bitcoin payments, markets should some bullishstrength.
He could actually be considered as a whale and how he uses his crypto does affect the whole ecosystem.

I prefer to call him an influencer who has a very large support base and it cannot be denied that Elon is one of the people whose words are followed by many others because this is very natural apart from being the CEO of a well-known company he is also one of the richest people so very naturally his words have a very significant influence among his supporters.
It's been proven that some of his controversial tweets can make the market even harder to predict but for the pope I don't think he's fit to say that

[BrewMaster]

it has been a month of market manipulation and like any other manipulation at some point they will run out of money to burn so the market starts becoming normal again which is when price keeps going up. it has nothing to do with someone who is now being ignored by majority of the bitcoin community as a troll.

this is not the first time price tests $35k after it tested $30k and bounced back up. interesting enough each time it does someone makes the same claim as OP!

[sunsilk]

In my opinion he is not a big whale investor but he is a big influence on people. and he has quite a few followers. As long as some of his information is good about BTC, I believe that the price of BTC will stabilize and increase.

He can be both.

With those discouragement that he has said before, maybe he did something to accumulate at the lower price so that it's favorable on his end. And then when he has enough already.

There goes the encouragement and turning back to what he used to say about bitcoin and then admits that he's holding it and don't have any plans of selling it soon.