Saturday, May 21, 2022

Bitcoin Again Suffer Loss, Proponent Believes It Will Recover Soon To Reach $100,00

Bitcoin again suffered a loss of over 5 percent after Elon Musk, the CEO of Tesla, took it to Twitter to leave a message tagging Bitcoin with heartbroken emoji. 

After tracing BTC/USD pair, Cointelegraph Markets Pro and TradingView released data on June 04, showing that the pair has reached near $37,000.

Tradingview

According to this week’s previous trend, Bitcoin was experiencing a surge and reaching towards $40,000. However, the very next day, Musk posted a tweet which shows that the CEO of Telsa had moved on to an alternative form of Bitcoin. As soon as the news was circulated the value of Bitcoin suddenly came down.  

The market sold off, but this time altcoins traders suffered a lot. After Musk’s tweet, the value of Bitcoin came down by $2000, but compared to earlier scenarios this was a very amount.

As per a popular crypto trader Crypto Ed, now the crypto market is reaching its bottom and then soon it will continue to grow higher.

“Just need to reclaim some levels and we’re good to go again,” said Ed, while sharing his views on the market on Friday.

Most Bitcoiners in the industry now believe that Musk is not so important person for Bitcoin, while the other halves have some sarcastic views.

As per the report, after Musk shared his latest tweet, Dogecoin lost most of its market cap, and currently, it is trading down 14 percent.

Dogecoin

Veteran trader Peter Brandt, who claimed that BTC/USD pair would settle at $21,000, has recently stated that the Bitcoin market would continue to experience a bullish trend.  

Later, Bloomberg Intelligence also shared its opinion in a monthly report specifying that “cryptocurrencies en masse as discounted and refreshed.”

The report published by Bloomberg stated that rather than sustaining below $20,000, Bitcoin is more likely to experience a surge and reach near $100,000 resistance.

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