BTC price fluctuating from $48,000
Data from Cointelegraph Markets and TradingView tracked how BTC/USD fell from local highs of $47,360 to a brief touch of $43,750 during trading on Wednesday.
The pair was on track to break the $50,000 mark after reaching new all-time highs earlier this week, thanks to the announcement that Tesla had converted $1.5 billion of its balance sheet into bitcoins.
Corrections are already expected, a necessary part of bitcoin’s steady uptrend, which Cointelegraph market analyst filbfilb said will reach $63,000 in the near term. 52,000, he said Wednesday, could also lead to a temporary consolidation.
Commenting on the market’s current behavior, fellow analyst Michael van de Poppe advised Twitter users to prepare for a long bull run.
Why are you making a ladder? Well, the markets are up strongly, but we will also see some downward momentum. Nothing goes up in a straight line, he wrote.
Understand that a partial victory is good. I still have big stacks in play, but I can build more. Single game.1 minute candlestick chart BTC/USD (Bitstamp). Source: TradingView
Bitcoin does not listen to celebrity testimonials
The collapse amused some, however, minutes after actress Lindsay Lohan tweeted a surprising show of support for bitcoin.
Bitcoin to the moon, she suddenly announced.
bitcoin to the moon
– Lindsay Lohan (@lindsaylohan) February 10, 2021
For longtime market participants, the fact that celebrities and other industry outsiders are suddenly interested in bitcoin is a classic sign that the cryptocurrency has spread too fast and a correction is inevitable.
Maxed out in time to sell, Keith Waring of Cointelegraph reacted just before the 7.6% drop, which buyers quickly halted.
As Cointelegraph reports, the overall strength of bitcoin is clear, which amid Tesla’s purchase and interest in MicroStrategy’s special summit last week, seems destined to reach greater heights through the domino effect of exposure to the company.
BTC/USD price comparison after halving. Source: PlanB
In today’s news, quantitative analyst PlanB reaffirmed that bitcoin is still on track to reach $100,000 in September. He said the progress a year after the last block grant cut was between what happened in 2012 and 2016, when the grants were cut in half.