Bitcoin (BTC) Price Surges Over 20% In Minutes of Elon Musk’s Tweet, What’s Next?

Published January 29, 2021 | Updated January 29, 2021

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Bitcoin (BTC) Price Surges Over 20% In Minutes of Elon Musk’s Tweet, What’s Next?

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.

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.

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.

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.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar 428 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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