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Is Elon Musk breaking up with Bitcoin? BTC took the hint and dipped either way

Bitcoin (BTC) takes a dive on the Elon Musk tweet
Image by Tumisu from Pixabay

Yerevan (CoinChapter.com) – Elon Musk, the chief executive of Tesla and SpaceX, is once again in the middle of a Bitcoin (BTC) controversy because of a tweet. The billionaire was cryptic about his actual message and mentioned a Linkin Park song meme, along with a Bitcoin hashtag and a broken heart emoji.

Whether his tweet was a hint at a looming breakup with Bitcoin or nothing more than a joke is unclear. However, the traders took it as a worrying sign, which showed on the daily charts. The alpha crypto was gaining bullish momentum in the sessions preceding the tweet. But the price corrected afterward, and the token fell back to $36,978 in the Tokyo session Friday.

Bitcoin correcting once again after a tweet form Elon Musk. Source: BTCUSD on TradingView.com
Bitcoin (BTC) correcting once again after a tweet form Elon Musk. Source: BTCUSD on TradingView.com

After the controversial tweet, the eccentric CEO lost no time in tweeting about his pet crypto Dogecoin. He jokingly hinted at the threat Dogecoin can pose to the Federal Reserve.

Bitcoin, Is Elon Musk breaking up with Bitcoin? BTC took the hint and dipped either way

The latest tweet is not the first time the CEO has swirled the crypto market.

On-and-off history with the Bitcoin

Mr. Musk has been reckless with Bitcoin when he partially caused the avalanche in prices across the whole crypto market. The billionaire entrepreneur decided to cease BTC payments for Tesla’s electric vehicles, citing environmental concerns.

Read more: Is Elon Musk Manipulating Bitcoin and Dogecoin Market? Researchers Weigh In

The CEO was clearly aware of the massive carbon footprint when he made a motion to accept BTC in the first place. The change of heart caused a lot of debate on Mr. Musk’s true motives. NFL’s Russel Okung, an outspoken supporter of Bitcoin, went as far as to create a billboard, telling Elon to “stick to space” and spot messing with the crypto market.

The entrepreneur not only took a U-turn from BTC-paid Tesla cars but also hinted that he was ready to sell his assets in the alpha token. The move sparked an anxiety wave across the board, and many traders panic-sold their holdings. Bitcoin lost 35 percent in a week before making the first attempt to recover.

Read more: Elon Musk’s Dogecoin Adventures Could Leave Bitcoin in Legal Trouble

What’s next for BTC?

Some experts see a bleak future for the token. A contributor for Seeking Alpha IncomeGenerator suggested that traders could lose significant amounts if they assume that BTC’s bullish behavior preceding the recent tweet could continue. He called the trend a “dead cat bounce” and targeted the upcoming price at $20,000.

Read more: Bitcoin Price Recovery Rally a “Bull Trap,” Drop to $20,000 Imminent

Other investors and experts are optimistic and focus on buying the dip rather than panic-selling. Anthony Pompliano, an entrepreneur and an outspoken Bitcoin supporter, tweeted about the token recently.

He called the currency “magic internet money,” as Bitcoin was once referred to after a joke Reddit ad. He pointed out the current price and his underlying opinion that BTC was not a scam and that he still supported the token.

Jesse Powell, the CEO of Kraken, a US-based crypto exchange, said in an interview with Bloomberg TV on Friday that he’s “Googling how to sell [his] kidneys at this point,” jokingly referring to buying the dip with all means possible. He sees the dip as an opportunity rather than a lost cause.

Read more: Bitcoin Shies Away From Pursuing Another $40,000-Breakout Opportunity

Mr. Musk has pointed out before that he is still a big believer in crypto, but he’s concerned about Bitcoin mining and its environmental repercussions. He offers Dogecoin instead as a greener and faster solution.

His latest tweet and a broken heart emoji were enough to break the bullish momentum Bitcoin was gaining. However, the future is not all dark, according to some experts. They believe the setback is temporary and encourage to buy the dip.

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Lilit Chichyan

Lilit is an enthusiastic writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience. Lilit is creative and fast and has the experience of writing for both big marketing companies and small websites and blogs.

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