The power of Elon Musk’s personal brand is just unfathomable! Minutes after Musk wrote Bitcoin in his Twitter bio, it has pushed the world’s largest cryptocurrency spirally upwards. In less than an hour, Bitcoin (BTC) price is up 20% moving past $37,000 levels.
After days of slowdown, Bitcoin (BTC) price has finally catapulted out of the consolidation phase thereby taking its valuations to $700 billion.
— Adam Back (@adam3us) January 29, 2021
Well, this is not the first time Elon Musk has shown interest in Bitcoin. During the recent bull run, Musk had shown some curiosity after which MicroStrategy’s Michael Saylor also offered to share his blueprint on converting Tesla’s reserve cash into Bitcoin. However, Musk hasn’t much interest in it.
However, putting up Bitcoin in his bio, Elon Musk wrote that “it was inevitable”. It looks like the Elon Musk tweets have also got BTC whales jumping in. Nearly, $3.6 million worth of BTC has been longed at the price of $36,500.
????️I am here for the technology – ZenNF_
— WhaleTrades ???? (@WhaleTrades) January 29, 2021
Bitcoin (BTC) Price Breaking Past the Bearish Trend
Another popular crypto analyst and Bitcoin evangelist Joseph Young writes that the recent BTC surge has been the biggest ever in a 30-minute time frame. Apart from the Musk tweet, Joseph Young mentions probable reasons like Robinhood users and options expiry for the price surge.
Bitcoin surged 14% in 30 minutes.
I think this has to be the biggest 30-minute upsurge in history.
And with that, we have a short-term $BTC trend reversal to the upside.
– Elon tweet
– Options expiry
– Robinhood users
A perfect storm in hindsight. (1/2)
— Joseph Young (@iamjosephyoung) January 29, 2021
In the follow-up tweet, Young further adds that if Bitcoin (BTC) price clinches the $38,000 levels once again it will be new showtime. He notes:
“There were many signs of a bearish trend. Miners selling, whales depositing, lots of options puts, and continues rejection of $34k. This was reversed today with the mega rally. If Bitcoin reclaims $38k soon, it’s game time. “
Institutional players continue to extend their support to Bitcoin. While unveiling its Q4 2020 results, MicroStrategy noted that they will continue to invest their excess cash in BTC. Furthermore, billionaire investor Ray Dalio said that his investment firm Bridgewater Associates might consider BTC as an investment option.