- Elon Musk could have single-handedly saved Bitcoin from a hideous monthly candle with a simple tweet and a Twitter bio change
- Musk tweeted that “in retrospect, it was inevitable”, possibly in reference to the need for decentralization in markets
- Musk may have turned the monthly candle from a reversal indicator to a continuation indicator
Elon Musk, the man who has constantly flirted with Bitcoiners over acceptance of the cryptocurrency in a literal or metaphorical sense, many have single-handedly saved its bacon in the short term with a simple change to his Twitter bio and a vague tweet that seemed to reference Bitcoin.
Bitcoin End the Month on a High
As we reported early Friday, Bitcoin was dropping from a third rejection of a downwards trendline and heading back to support at $30,000 when Musk’s tweet and bio change appeared:
It wasn’t clear to what Musk was referring to in the tweet, although the fact that it came in the wake of the GameStop fracas that has shown up traditional market manipulation in the clearest possible light, Musk’s missive may be in relation to the inevitably of a decentralized future. This is even more likely given his noted disdain for the Securities and Exchange Commission.
What wasn’t dubious however was the replacement of Musk’s long-standing bio with the word Bitcoin and the Bitcoin logo, something that was soon all over Twitter, and something which had an incredible impact on the Bitcoin price, boosting it by 20%:
Musk’s tweet has put a completely different complexion on the monthly Bitcoin candle, which was looking set to indicate a reversal but instead incredibly looks as though it might instead indicate a continuation of price action:
If price closes the month, which ends Sunday, above $37,000 then all time highs could be back on the table over the coming weeks, and even a drop down to $34,000 is not necessarily bullish at this point.
Musk Pins His Colours to the Bitcoin Mast
Musk has flirted with the cryptocurrency community in the past, mentioning Dogecoin on several occasions but also teasing the acceptance of Bitcoin to buy Tesla products without ever committing to anything. While Friday’s actions don’t necessarily constitute anything of the sort, they are the clearest sign yet that the world’s richest man has pinned his colours to the Bitcoin mast once and for all.