bitcoin (B T c) jumped off a projected floor on June 4 as the dust settled on the latest market clash with Elon Musk.
Bitcoiners poke fun at Musk’s “break-up”
last strength this week, who saw a $40,000. push towards, abruptly ended Defeat After Musk released another cryptic tweet. In it, the Tesla CEO suggested that he had moved away from bitcoin as an alternative.
The market sold out, but this time the biggest losers were altcoin traders. Bitcoin just fell $2,000 – much less Compared to other episodes involving Musk’s tweets.
For popular trader Crypto Ed, who predicted that bitcoin would need to hit $36,000 again before continuing higher, was now down.
“Just need to reclaim a few levels and we’re good to go again,” he said In comments on the market on Friday.
However, most of the reactions among bitcoiners were tongue-in-cheek, part of a broader narrative that reminds viewers that Musk no importa To the strength of bitcoin.
Who forgot to invite Elon #bitcoin the seminar?
— david gokhshtein (@davidgokhshtein) 4 June 2021
Elon’s #bitcoin The tweets are the result of their F-150 Lightning being single-handedly destroyed by Ford, the maker of the Taurus and Pinto. Sorry you destroyed Elon, but don’t take it out on bitcoin.
— grubles (@notgrubles) 4 June 2021
Short-term barriers to recovery nonetheless remained. was of particular interest to merchants funding rates On the day, these were flipping positively after holding the first long side.
In an ironic twist, Musk’s favorite token, Dogecoin (Doge), the most lost among the top fifty cryptocurrencies by market cap, trading down 14% at the time of writing.
Bloomberg supports over $20,000 to $100,000s
As always, experienced market participants called for a long-term outlook on bitcoin.
Veteran trader Peter Brandt, who said $21,000 would be the final destination for BTC/USD under the current circumstances, was strongly in favor of a bullish continuation.
“Why would someone exit a non-leveraged long when the market was already at 80% worst-case scenario?” He argued in the first week.
Another publicly bullish opinion came from Bloomberg Intelligence, in its latest monthly report Cryptocurrencies are collectively described as “discounted and fresh”.
In short, “Bitcoin is more likely to resume appreciating the $100,000 resistance rather than sustain below $20,000.”
Fundamentals for bitcoin held steady, with hash rate – and therefore miners – unresponsive To Musk.