Bitcoin price is being more volatile since a fortnight as the price is revisiting the lower levels multiple times
Elon Musk, with his tweets drowns the price, yet in some instance also tries to uplift the price and hence keep the crypto space puzzled
Elon Musk is among the most popular and influential people on earth. He has a huge fan following who go along with his mentions. While a large group of people are accusing him of manipulating the BTC price, some believe Bitcoin is becoming immune to his tweets.
Bitcoin price, nowadays is experiencing a rollercoaster, being more uncertain and losing dominance at a greater pace. If we closely look at the bitcoin chart, the current price levels are the same as that of the times when Dogecoin price rallied more than 800% for the very first time.
It can be clearly seen on the chart that bitcoin price rose to huge highs after the DOGE price rally at the end of January. And post Elon Musk’s SNL event, the BTC price lost the bullish trend and began to slump further.
The possibility of the new DOGE holders, attracted with this rally & being Elon Musk followers cannot be ruled out. And these traders might have just followed him and his tweets. Overall, the price currently has come to the previous levels before the dogecoin rally.
It is pretty hard to evaluate the correlation between Bitcoin and dogecoin at this point as BTC seems to have taken over by an external entity. It’s quite possible that the whales or the big investors might have accumulated more that the weaker hands couldn’t sustain. And as a result bitcoin might have become a centralized decentralized asset.
Elon Could Have Been More Responsible
The crypto market is being more volatile as most of the assets, especially altcoins are attempting hard to recover losses. Amid the bullish momentum, some unexpected events occur which tanks the entire crypto space.CZ, Binance chief with a sarcastic tweet indirectly asked Mr.Musk to be more responsible.
He also said not to fall into manipulation one and asked the traders to just HODL instead of panic selling.
Collectively, the bitter yet sweet relation between Elon Musk and Bitcoin price is above any speculation. He, with a recent tweet signals a diversion from the asset where-as holds rounds of meetings to make bitcoin mining more greener. Therefore, for first time, bitcoin price rally has become more unpredictable than ever.