I have to give credit to Alessio Rastani for somehow forecasting this latest dip in Bitcoin.
In his video he was saying something like $48,000 being a strong support for BTC and it seems that after Elon Musk tweeted about Tesla no longer accepting Bitcoin as a form of payment that BTC has indeed fallen to $48,000.
Will it break that level and if it breaks it, what does that mean?...
Well to be honest I have absolutely no clue if Bitcoin will indeed go under $48,000, and stay there for a while, but what I know for sure is that Michael Saylor announced that MicroStrategy has bought the dip today adding $15 million worth of Bitcoin.
Buy when there's blood on the streets even if it's yours, they say. One key level from this whole Elon Musk saga is the fact that neither Tesla nor Elon haven sold any BTC, still the market has overreacted to this man's tweets.
I'd say that he's overvalued at this point in terms of crypto influence and sooner than later his followers will realize that. Many have probably sold, will for sure come back and buy higher, but his influence will fade away.
I have no chart proving anything, but my gut feeling tells me that Bitcoin won't get under $48,000 or should I say it won't spend too much time there and consolidate even if it dives for a bit. $60,000 wasn't the top, but the way up is not a straight line either.
Crypto markets are highly volatile and that's what makes them so attractive for traders. You risk on getting rekt quite often due to this type of volatility, but the rewards are sometimes worth the risk. April was a shitty month for crypto and May doesn't look to be much better...
Will June be a better one? I have no clue, but I'm confident we still have quite a few good months of bull market ahead. We're not near the top yet...
Thanks for attention,
Adrian