Elon Musk’s Twitter Tweek makes Bitcoin Price Soar by US$5,000 in 30-Minutes to above US$37,000: Can BTC’s Bullish Momentum Sustain?
The Bitcoin price against the US Dollar (BTC/USD) made a fresh bullish momentum above the US$32,500 level. It successfully broke above the US$33,500, US$34,500, and US$35,000 levels. In fact, Tesla CEO Elon Musk’s inclusion of “#bitcoin” in his Twitter bio made the BTC price soar by around US$5,000 within 30-minutes on January 29, 2021.
The BTC/USD data showed that the leading cryptocurrency’s price jumped to US$38,000-level after crypto traders noticed Elon Musk advertising Bitcoin in his Twitter’s bio. This is the second time in the last couple of days when Elon Musk’s tweets skyrocketed the price of cryptocurrencies. While his handful of tweets singlehandedly pumped the price of Dogecoin (DOGE), a meme-based crypto asset, on January 28, 2021, his tweek in his Twitter’s bio led the BTC price to soar by over 20% in a few minutes.
Tesla CEO’s tweet increased Bitcoin’s market capitalization from US$600-to-US$680 billion in just over half-an-hour. However, not all are amused by Bitcoin’s significant jump in price. Many analysts say that the “Exchange Whale Ratio” (calculated by dividing the top 10 bitcoin inflow transactions in an hour by total exchange inflows) of the Blockchain analytics firm CryptoQuant increased to an 8-month high of 0.88 early on January 29, 2021 (Friday). They believe that this could be a warning of a possible drop in price.
