Analysts describe Bitcoin leaping from 36,000 as “discounted”

Bitcoin (BTC) price bounced off the bottom on June 4 after crashing after Elon Musk’s tweets.

Hourly candlestick chart of BTC/USD (Bitstamp). Source: TradingView

Bitcoin supporters mock Musk’s “breakup”-themed messages

The BTC/USD pair rallied close to $37,000 on Friday, according to data from Cointelegraph Markets and TradingView.

Although there was a rise towards $ 40,000 during the week, it suddenly declined after Musk’s encrypted tweets. The Tesla CEO hinted in his message that he was switching to Bitcoin alternatives.

These messages caused sales in the market, but this time the biggest losses were in the altcoin variants. Bitcoin dropped just $2,000 in the process. Considering the impact of Musk’s previous tweets, there was less of an impact compared to the others.

Predicting that it should reach $36,000 before Bitcoin continues to rise, popular trader Crypto Ed said the bottom price has been seen. He claimed.

“We need to retake the resistance levels and then we continue to rise,” he said in a market commentary on Friday.

Short-term barriers to recovery still remain. Of particular interest to traders were the funding rates. Because these ratios turned positive as long-term positions were preferred more.

Dogecoin (DOGE), Musk’s favorite token, was the biggest loser among the top fifty cryptocurrencies by market cap. At the time of writing this article, there was a 14% decrease.

Hourly candlestick chart (Bittrex) of DOGE/USD. Source: TradingView

Bloomberg backs $100,000 instead of $20,000

Experienced market participants prefer long-term interpretations for Bitcoin.

Under current conditions, $21,000 will be the bottom for BTC/USD. saying senior trader Peter Brandt is firmly in favor of continuing the uptrend.

In its most recent monthly report, Bloomberg said, “Bitcoin is more likely to try to break through the $100,000 resistance, rather than sinking below $20,000.”

The hash rate, and therefore miners’ attitude towards the market, has remained stable after Musk’s tweets.

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