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?

It's going to be a long winter

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.

What happened during the last bear market?

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 2^nd 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.