Bitcoin was on a rollercoaster today with the price of the long coin reaching close to $30k. At the moment of writing this article, BTC is trading in the red and the king coin is priced at $35,764.05.
Weak hands freaked out in the morning when they woke up and saw BTC trading below $40k and as expected, they sold.
As we already discussed in a previous article, this is exactly what the big players were hoping following the massive market manipulation.
Crypto lovers and Bitcoin maximalist on the other hand are doing something else. Check out Michael Saylor’s tweet.
Entities I control have now acquired 111,000 #BTC and have not sold a single satoshi. #Bitcoin Forever.
— Michael Saylor (@michael_saylor) May 19, 2021
Someone said: “I don’t know what to say ! Thanks you for stopping this panic sales. Thanks your for understanding #btc we are decentralized #bitcoin family are holding with you ! You are the legend !”
Another follower said: “Imagine how much conviction a man must have to do this. Saylor sure did his research on #Bitcoin which allows him to recognise that it is the culmination of humanity’s 7000-year quest to perfect the representation of value by democratizing its creation and distribution.”
Buckle up and buy the dip!
The online publication the Daily Hodl notes that the crypto analyst Lark Davis says Bitcoin traders shouldn’t sweat Elon Musk’s comments or BTC’s latest price dip.
CoinGecko indicates Bitcoin has tumbled, likely due to Musk’s announcement last week that Tesla will no longer accept Bitcoin for purchases, citing concerns over BTC’s energy use.
Musk continued to fuel uncertainty in the markets this week with contradictory remarks on Twitter regarding whether or not the company plans to sell its BTC holdings.
BTC’s dip is a normal correction
Davis told his YouTube subscribers to look back to the 2017 bull run as evidence that Bitcoin can weather numerous pullbacks. The analyst noted that the bull run saw four different corrections in the 30-45% range.
He continued and said that the “current bull run is just getting started,” predicting that prices will move a lot higher for the rest of 2021.