Nico.Muselle

BTCUSD - Elon did it again ... But why ???

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Yes folks ... he did it again ... with a simple tweet Elon Musk has manipulated the market once again ...

The contents of his tweet :

"Tesla has suspended vehicle purchases using Bitcoin . We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.

Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are aslo looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction"


Immediately after the Tweet went public, Bitcoin dropped significantly ... but what is behind the tweet? 🤔

While we can't know for sure, here is what I personally think happened (note that this is my personal opinion):

► Ever since Tesla announced that they'd be accepting Bitcoin as payments for their cars, they have suffered backlash and negative publicity from environmentalists outraged by the fact that a "green" company like $TSLA would get involved in such a polluting industry as bitcoin .

► This might have had an impact on the opinion of some of the board members , pressured by #TSLA share holders to steer away from this decision.

► Another potential reason is that @elonmusk talking about crypto all the time has diverted interest from buying #TSLA stock towards crypto, causing TSLA stock to drop ...

In any case, the market reaction to the tweet is, to say at the least, ridiculous imho ... for the reasons below

Tesla is not selling their BTC
Tesla not accepting BTC for payments does not change the environmental impact of BTC mining a single bit (I feel it's just throwing sand in the eyes of the environmentalists who now think Tesla did the right thing)
► If the issue is related to Tesla stock, then just tell your CEO to stop his crypto tweets ...

Is it conceivable to think that
TSLA sold some more BTC before announcing this news
► Elon bought some more BTC after the dip?

I would not be surprised ... but what do you think? Let's open the discussion in the comments below.
Oh, and don't forget to "smash that 👍🏽 button"!

✌🏽
PS: Still bullish on BTC ;)
Comment: By the way, if you are wondering what will be the longer term impact of this on BTCUSD ... then I'll tell you that it changes absolutely nothing ;)
This analysis is still valid ...
Comment: Many say that the market was due for a drop and I agree, my only observation is that the tweet and the drop correlate in time and thus initiated, and probably accelerated the drop.

While many seem to have understood that the main purpose of this publication was to accuse Elon Musk of manipulating the market and whether he caused the drop or not, the real question was actually why he/Tesla went "all in" on BTC to then change their mind about accepting BTC for their cars.

That debate is still open ...
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Comments

Great post and observations.

The correction would have happened with or without the tweet. If it wasn't this guy, then it would be someth
350 coins
+31 Reply
Nico.Muselle AlanSantana
@AlanSantana, thanks! And yes, there would probably be other reasons for the drop, but maybe not so imminent and exaggerated.
+3 Reply
LA_Designer Nico.Muselle
@Nico.Muselle, I agree, a normal correction would not have been so instantaneous. Investors will gobble up this FIRE SALE and it will bounce up.
+1 Reply
Iceberg63 AlanSantana
@AlanSantana, respect for such a wise comment.

Correction is bound to happen anyways, and some people are unable to accept.

If it's not Elon, they'll find something else to blame.
Wise up and accept, keep up and move on.
+2 Reply
@AlanSantana, düşününce bir cok neden bulabilirsiniz btc de sürekli olan durumlar olabilir her nekadar mayıs ayı hüsranla sonuçlansada.son zamanlarda coin reklamları alakası olmayan insanları coin aldırdı tesla ve bu sahsın ticari şovmenligi,bu insanları ürkütmüş olabilirmi...?
Reply
Hey we know you! Thanks for sharing this idea about a timely event. We may never know the reasons why it traded the way it did, but it does have everyone talking and makes for a good discussion. We're happy to feature a Mod team member in Editors' Picks!
100 coins
+9 Reply
elon didnt do jack it was in the TA! it really is rediculous to see the mods of a chart website publish such junk ideas and post it on editors picks. Why are you taking away all the earned respect of chartists an analysts that saw this coming. Even though bitcoin has been going up for a DECADE with years of that time being silent and quiet without wealthy famous people shilling it. it is nothing more than coincidence and happanstance that the things were at the same time. point and case.. I sold and took a short when the levels broke down and didnt even hear about the elon nonsense until later. I still do not even know what he said. respect to the traders and anylysts out there who feel me
+39 Reply
Nico.Muselle Gunslinger2005
@Gunslinger2005, good for you bro ... But before you call it a junk idea, maybe compare the timing of the tweet with the time that bitcoin started to drop and check the correlation of those 2 facts. Again, I'm not saying the tweet caused the drop, I'm saying that it accelerated (and probably magnified) it. I'm also trying to explain the reasons as to why he probably tweeted that.
And like it or not ... Elon Musk's tweets do have an effect on the market. We saw it when he announced that Tesla bought BTC, we saw it when he tweeted that they sold some, and now again we see an impact. We saw the same thing happening for Dogecoin ... So, I'm not disrespecting your TA, not denying it either ... I invite you though to have a look at the correlation between his Tweets and crypto market movements ...
Peace brother ✌🏽
+39 Reply
VictorCobra Nico.Muselle
@Nico.Muselle, You're right, the tweet absolutely had an effect on the market. One of the more energy efficient cryptocurrencies with a strong community (and Twitter presence) jumped in price right after the tweet (NANO).

-Victor Cobra
+1 Reply
avito1 Nico.Muselle
@Nico.Muselle, tweets, news, fud, hopium... its all timely orchestrated... to correlate with TA imho... 47k had to be retested at a higher time frame... a local top was clearly forming and this last pump now seems to be have been a B wave correction... I still believe 37k-ish is incoming... I dont believe in the market creating the initial action, but it does tend to grab on to the ride either way when they panic sell or fomo buy... 96-102k still in the horizon though (i recognize I was wrong before thinking BTC going back to 1k, but when it broke and retested 12k, I simply had to flip), and then some tweet, "unexpected" news, or something will cause a big dump, giving way to the next bear market... (lots of examples of market manipulation... most recent look at the indicators of the US indexes before march of last year. It was screaming for correction, and coronavirus was the perfect excuse to mega dump everything...)... and to clarify, I dont think your idea is rubbish, its a very valid idea on its own arguments...
+3 Reply
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