Elon Musk just name-dropped Bitcoin once again on Twitter, Bitcoin price will hit highs?
Elon Musk, CEO of SpaceX and Tesla, just continued to explode the Twitter community when there was a tweet about Bitcoin. Bitcoin price is clearly in a full-blown bull market, with each fall being strongly absorbed by buyers as it continues to move higher.
Elon Musk just name-dropped Bitcoin once again on Twitter
Elon recently responded to Masie Williams’s question about Bitcoin with the following comment:
🎶 Toss a bitcoin to ur Witcher 🎶
— Elon Musk (@elonmusk) November 16, 2020
This isn’t the first time he’s joking around following these lines. Referring to his fascination with the Dogecoin cryptocurrency, he previously tweeted: “Toss a Dogecoin to ur Witcher.”
Bitcoin price will hit highs when the bull activates their strength
Bitcoin price is clearly in a full-blown bull market, with each fall being strongly absorbed by buyers as it continues to move higher. Unlike previous BTC rallies, this latest rally has mostly slowed down, which is a testament to its maturity.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin saw a few strong pullbacks during this recent higher push, but it’s important to note that buyers were quick to reverse it all.
At the time of writing, Bitcoin price is trading up to more than 3% at its current $ 16,717. This is just a low from the recent high of $ 16,500 set just a few days ago.
If it can break the resistance at $ 16,500 and climb up to $ 17,000, it could be on the cusp of being launched to a previous all-time high.
Here is likely to be rejected, but it’s not clear how long this level will hold as resistance.
According to crypto trader Peter Brandt, while Bitcoin price remains extremely strong, he believes that the cryptocurrency could witness some major price drops in the future while maintaining its uptrend.
He notes that, historically, BTC has seen around 9 significant corrections throughout the macro uptrend.
You can see the Bitcoin price here.
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