It appears that the Elon Musk effect is wearing out on the leading currency as BTC prices have corrected and slid back to $32k.
After the preceding week’s social media frenzy about Musk’s “Bitcoin” bio update which resulted in a BTC 20% value hike, the digital gold is now doing a downward gymnastics.
Many believe the sudden hike in BTC value was due to the Tesla founder’s tweet seeing as this was the same result when the richest man in the world tweeted “DOGE” and the jokecoin saw a rise in value and more investors. Skme BTC holders and analysts believe that it could only mean that the leading currency also scaled due to the bio update.
Due to the Twitter fuss, BTC (+0.03%) scaled from the $32k range to over $38k plus just in a few hours.
Regardless of this significant increase, the Musk effect could not sustain the rally and the BTC proceeded to dip down below $34k the evening of Friday the 29th of January, 2021.
BTC continued exchanging hands below $35k throughout the past weekend and it is currently trading at $33,788.90 at press time although it did a further dip on Sunday the eve of February.
What do you think is the future of BTC? Will it rise or fall this week and what are your reasons? Let us read them in the comment section below.