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El-Salvador Accepts BTC as Legal Tender! BTC drops Followed by this Analyst Tweet?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Sep 8, 2021

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Highlights

    BTC price on Monday reached $50K for the third consecutive time, followed by El-Salvador's Bitcoin acceptance

    Analyst Mr.Whale backslashes popular crypto educator Micheal Saylor on his strategic tweet to pump and dump BTC!

Today is a big day for El-Salvador and Bitcoin! Because BTC is now a legal tender in El-Salvador. One of the analysts suggested this is the right time to buy Bitcoin, anticipating a bull run. On the contrary, another analyst called his tweet a strategy! Amid heated debates, the BTC price rally faced a slight pullback today after a good start.

The BTC price on Monday surged to $50k. This week El-Salvador’s Bitcoin acceptance pulled up the price rally to near $53k for the first time after the May market crash. Though, a big day started on a positive note rising by 1.02% in the first half. Later the price started to drop.

Yes, the BTC price dropped by 1.1% from $52880 to $50648

Also Read: What Can You Expect From Much-Awaited Cardano’s Smart Contracts

Looking at the trend, Mr.Whale, a popular crypto analyst. He came up with a tweet pointing to Michael Saylor’s tweet as the major reason for today’s BTC price dump. Well, on 6th September, Mr. Saylor urged his millions of followers to buy $30 in BTC. In order to show support and stand in solidarity with the people of El-Salvador. 

As per Mr.Whale, this is a pump and dump strategy by Mr.Saylor to gain massive profits. Responding to the poll of Micheal Saylor, nearly a lakh people acknowledged buying BTC to show support. Pointing out to this, Mr. Whale said this is a trap by Saylor. Who during the May market crash urged followers to buy, when BTC was trading at $64k. And later BTC witnessed a price dump by almost 30% reaching $32k.

Mr.Whale believes Saylor and other insiders are going to dump their $BTC bags. And in response to Saylor’s tweet 17.4% of users didn’t show interest. On the other hand, BTC has its next strong support zone at $46,600. Saylor and team may again return to buy then? 

Also Read: With Spike In SOL Price, These Solana Based Tokens Are Booming!

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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