The sad reality is that prior to Elon Musk's tweet on May 13, signs were showing that Bitcoin's bullish momentum was slowing. The expectation was that it would remain within a range after which it could break out towards $100 000 per coin. Elon Musk may have triggered the dump that began on the 13th, particularly breaking through the $53k and $49k support levels. A lot of damage control was done, but the fragility of the market, the slowing momentum was too much. Perhaps, Musk's DOGE army should not be underestimated.
On May 17 Musk said "To clarify the speculation, Tesla has not sold any Bitcoin". Yet a day before, Mr Whale said "Bitcoiners are going to slap themselves next quarter when they find out that Tesla dumped the rest of their $Bitcoin holdings..." Mr Musk's response to this was a cold one word. He said "Indeed". This may suggest that there are plans at Tesla to dump Bitcoin, or Tesla has already dumped Bitcoin. Mr Whale statement was clear, and Mr Musk's was clearer.
All things considered, technically, I don't see any solid resistance for Bitcoin between now and $34k to $30k range. It looks pretty slippery all the way. if this is the case, I expect Bitcoin to dump another 22% from the time of this post. Of course, as every other Hodler, I hope this is not the case,. I hope the trend changes, but it's not looking likely.
On the flip side, perhaps this presents an opportunity for some other whales and other big corporates to jump in and get a slice of Bitcoin. We always but the dip, and this is sure a big dip. $Bitcoin is on sale...
On May 17 Musk said "To clarify the speculation, Tesla has not sold any Bitcoin". Yet a day before, Mr Whale said "Bitcoiners are going to slap themselves next quarter when they find out that Tesla dumped the rest of their $Bitcoin holdings..." Mr Musk's response to this was a cold one word. He said "Indeed". This may suggest that there are plans at Tesla to dump Bitcoin, or Tesla has already dumped Bitcoin. Mr Whale statement was clear, and Mr Musk's was clearer.
All things considered, technically, I don't see any solid resistance for Bitcoin between now and $34k to $30k range. It looks pretty slippery all the way. if this is the case, I expect Bitcoin to dump another 22% from the time of this post. Of course, as every other Hodler, I hope this is not the case,. I hope the trend changes, but it's not looking likely.
On the flip side, perhaps this presents an opportunity for some other whales and other big corporates to jump in and get a slice of Bitcoin. We always but the dip, and this is sure a big dip. $Bitcoin is on sale...
Komen:
Hours after we called it, it happened - that 22% happened - exactly as we called it.
