Bitcoin (BTC) is still on track to hit $ 100,000 this year and the recent dip is “unchanged price action.”
That was the conclusion of one of the industry’s best-known investors as BTC / USD rebounded from its journey to nearly $ 46,000.
Tapiero eyes “very rare buy signal” for Bitcoin …
In a tweet On April 27, Dan Tapiero, fund manager Dan Tapiero, revealed that he was “inundated” with concerned customers due to Bitcoin’s recent price dip. However, there was no need to panic.
By highlighting a technical (TD sequential) buy signal that hasn’t been seen since the March 2020 crash to $ 3,600, Tapiero gave hope to those wondering what happened to the countless skyrocketing BTC price predictions for 2021.
“A very rare td buy signal in Bitcoin. The latter came right at the low point of March ’20. See another 100k this year, ”he wrote.
“Overwhelmed by panic attacks in recent days over what is unchanged price action… ie still at 50k. Hodl is the only way to be without emotion for a long time. “
… while the market watches the new “Elon candle”
The comments came along with a curious exchange between Tesla and SpaceX CEO Elon Musk and popular trader Dave Portnoy, the latter a famous Bitcoin skeptic who nonetheless admitted under pressure to add it to his portfolio earlier this year.
When it became known that Tesla had sold some of its holdings, Portnoy took this as evidence of the company’s lack of belief in its long-term viability. Musk denied this, claiming that it was, in fact, a test of its usefulness.
“I haven’t sold any of my Bitcoin,” read part of a Twitter response.
“Tesla has sold 10% of its positions, mainly to prove Bitcoin’s liquidity as an alternative to holding cash on its balance sheet.”
No you will not do that. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings, mainly to prove Bitcoin’s liquidity as an alternative to holding cash on its balance sheet.
– Elon Musk (@elonmusk) April 26, 2021
Musk is a classic resource for short-term Bitcoin price movements, and any admission that he had permanently stripped his allotment could have easily turned sentiment to the downside.
In that case, BTC / USD bounced back to levels near USD 55,000, gaining nearly 10% since the beginning of the weekend in what could be another classic “Elon candle” move.
“Bitcoin hodl confirmed,” Blockstream CEO Adam Back noticed on the Twitter exchange.
Tesla itself reported record profits this week.
As Cointelegraph reported, Bitcoin’s underlying fundamentals highly suggest “business as usual” for the largest cryptocurrency despite the recent turmoil.
Changes in conditions for miners, one of the likely triggers for the price dip, were already accounted for on Monday, and weak traders betting on more downsides were liquidated.