Robert Steinadler, 4 months ago
Elon and Bitcoin is not a love story. Many Bitcoiners cannot forgive the fact that Tesla stopped accepting BTC over environmental concerns. While he was taking a break from Bitcoin he was still a very outspoken proponent of Dogecoin which he still supports. It seems that some things have changed and that the current situation demanded that Musk commented on the current events.
What did Elon Musk had to say about Bitcoin and are we out of the woods?
A few hours ago, the brand-new owner of Twitter replied to a series of Tweets commenting on the status quo. The initial question was where would Bitcoin be in one year after facing a decline from $69.000 down to $16.000 in just 12 months.
It seems that Musk is cautiously optimistic about Bitcoin's future. According to him, Bitcoin will make it, but it might face a longer winter.
This is indeed a strong hint that Musk believes that this bear market is far from being over. After breaking down below $20.000 the community is split into two camps. “Permabulls” who believe that everything below $20.000 is a buying opportunity and “Doomsayers” who believe that a range far below that price is still possible.
The last bear market went on between 2018 and 2019. That being said, if history is going to repeat, then we have at least one more year ahead of us. In this context, it is important to remember that past results don’t predict the outcome of current events in the market.
Still, some analysts believe that past bear markets provide us with valuable data points that can be revealing in conjunction with current market data. Needless to say, there are several ways to interpret the concurring data sets.
The theory that the crypto market is working in cycles isn’t exactly new. Should it turn out to be correct the next Bitcoin halving will mark not only the end of the bear market but will be the starting signal for the next bull run. The next halving will approximately start on May 2nd 2024. While Musk did not specifically mention the halving, we can speculate that he might had this date in mind when he made his comment.
Mar 21, 2023
It's nice for every BTC hodler to see the price go up. But for Bitcoin miners the recent pump - in fact, one of the best weeks in Bitcoin's history - is more than just fun: it's existential. Bear market prices and high electricity costs have hurt them hard in the past 12 months. Finally, the tides seem to be turning.
Mar 20, 2023
Balaji Srinivasan, the former CTO of Coinbase and author of The Network State, has made a bet of 1 BTC and $1 million on whether the US will experience hyperinflation. Only if BTC will reach $1 million by June 17, Balaji will win this outrageous bet. What has he been smoking?
Mar 14, 2023
After a tumultuous weekend, in which the American government had to prevent a bank run on regional banks, markets have had some time to digest the developments, including some new economic data. What to expect - and why the recent pump?
Mar 13, 2023
Bitcoin was born as an idea in 2008 when its whitepaper got published. Only a few months later, on January 3rd, 2009 the so-called Genesis block was mined and the Bitcoin network started working. Only 14 years later the United States and the world are facing a very similar situation to the one we saw between 2007 and 2009. Some banks acted irresponsibly and without a bailout, there might be a contagion effect that kicks in. Many people believed that bailouts are out of the question after the failure of Lehman Brothers.
Sign up to stay informed via our email updates