Bitcoin drops below $ 30K. Bitcrash or a BitBust?

[Iconoclast]

There is always a psychological barrier in the market. Elon Musk drove up the price of Bitcoin to new levels and now China is helping to crash down the prices back to former levels. It may crash further as crackdown on miners continue

Yes, this is all part of the game. Prices on stocks rise on speculation.... Elon Musk created a demand for the BTC and now China is crushing it. But BTC has already seen two to three extreme crashes before this as well.

That's a common misconception, When elon musk tweeted, the btc market cap was above I trillion dollars..... his 10 billion investment is peanuts..... If musk was the only factor why couldn't he do the same to doge even though he's been tweeting about it like crazy.....
Bitcoin is a store of value, let's see how much your 1000 usd are worth in a few years.....

 

[Iconoclast]

I have no problem with Bitcoin and its miners as long it has real demand. USDT has been manipulating Bitcoin demand for years and since all crypto currencies follow the price of bitcoin, once bitcoin is manipulated, all are manipulated. If USDT is removed from the crypto currency market and real dollars were used to purchase Bitcoins, then all this artifically created volatility would be gone

How? regardless of what's invested in it, USDT or USD, what happens when a whale holding thousands of btc decides to sell a chunk? Price goes down.... there are people who will take their profits at some point.....
If you're trading with btc, you're screwed because you're no better than plankton in an ocean destined to be gulped by whales..... if you're holding it for long term, you're good to go....
YOY, it's still the best performing asset throughout the world...

 

[Iconoclast]

Yes, thats the key. Always take Bitcoin as a side investment, unless it establishes itself as an accepted form of tender to buy Govt issued bonds.

Just on a side note, here you go, yeah the fiat guy wins it hands down but that's because his opponent spits weak verses lmao...

 

[Rio]

That's a common misconception, When elon musk tweeted, the btc market cap was above I trillion dollars..... his 10 billion investment is peanuts..... If musk was the only factor why couldn't he do the same to doge even though he's been tweeting about it like crazy.....
Bitcoin is a store of value, let's see how much your 1000 usd are worth in a few years.....

Elon has influence on crypto as he has mad following. A few years ago, John McAfee used to have such influence without even investing any billions.
It's not about if his investment was peanuts, it was a big news in a way that one of the largest companies would be taking BTC into mainstream. That's why it fell down when he said that that you can no longer buy Tesla with BTC and when he said he had sold BTC.
Also, about DOGE, it literally went from 0.04 to 0.70 just because of him, there was no any other reason. Following are a few links if you want to have a quick look.

Bitcoin crashes as Elon Musk tweets Teslas can’t be bought with crypto

Tesla had previously purchased billions of dollars worth of the cryptocurrency

www.independent.co.uk

Bitcoin Bounces Back From Three Month Low As Elon Musk Denies Tesla Has Sold Its Crypto Assets

The news Tesla would no longer accept bitcoin as payment helped spur a $300 billion crypto sell off.

www.forbes.com

Elon Musk Sends Bitcoin Tumbling With A One-Word Tweet

The cryptocurrency dipped almost 8.5% Sunday.

www.forbes.com

 

[Iconoclast]

Elon has influence on crypto as he has mad following. A few years ago, John McAfee used to have such influence without even investing any billions.
It's not about if his investment was peanuts, it was a big news in a way that one of the largest companies would be taking BTC into mainstream. That's why it fell down when he said that that you can no longer buy Tesla with BTC and when he said he had sold BTC.
Also, about DOGE, it literally went from 0.04 to 0.70 just because of him, there was no any other reason. Following are a few links if you want to have a quick look.

Bitcoin crashes as Elon Musk tweets Teslas can’t be bought with crypto

Tesla had previously purchased billions of dollars worth of the cryptocurrency

www.independent.co.uk

Bitcoin Bounces Back From Three Month Low As Elon Musk Denies Tesla Has Sold Its Crypto Assets

The news Tesla would no longer accept bitcoin as payment helped spur a $300 billion crypto sell off.

www.forbes.com

Elon Musk Sends Bitcoin Tumbling With A One-Word Tweet

The cryptocurrency dipped almost 8.5% Sunday.

www.forbes.com

Yes but that's short term effect which diffuses fast. The point here is, btc is still up by more than 70% from where it around this time last year.... McAffee again is a classic example, he was keen but again his tweets didn't help one bit the tron project....
Elon jumped in on dodge when it was already hovering above .35.... chart his tweets with doge's data....
Cardano went from .2 to 3, organic growth, none of the people with "fan base" talked about it but it was the teams hard work and setting up of mechanism in Africa which led to even Coinbase listing it...
Rune went from .1 to almost 20, again because of their system, same goes for Polkadot....
Firms like Grayscale is a testament to the organic growth of crypto, especially bitcoin... all the rest is fomo and fud......
PS: No one is denying the effect of his tweet or people like him in short term but it doesn't mean anything in the long run for BTC....
On the other hand Elon tweeted about bitcoin and what not during the bear market and they didn't move btc even 100 dollars.....

 

[Rio]

Elon jumped in on dodge when it was already hovering above .35.... chart his tweets with doge's data....

Agreed except the above bit, he's been into it way earlier from 2019 when the DOGE was at 0.002 i think. He just started shilling it more recently. Here's one of his early tweets, you can find many of his tweets in between.

https://twitter.com/x/status/1113009339743100929

 

[Iconoclast]

Agreed except the above bit, he's been into it way earlier from 2019 when the DOGE was at 0.002 i think. He just started shilling it more recently. Here's one of his early tweets, you can find many of his tweets in between.

https://twitter.com/x/status/1113009339743100929

I was speaking in the context of this bull market.... when the going was already on............. He actually used to joke about them.... I remember him once saying his opinions about btc should be taken serious while his tweets on doge is him being a goof.... It's only recently he's started shilling it like crazy....