The fate of Bitcoins price is determined by Elon’s tweet

Highlights

  • As per the statement given by Timothee Peterson, more than 20% of Bitcoin users have run from the network. It’s happening after Tesla stopped holding BTC for car payments. 
  • The tweet mentioning the same, from Elon Musk has shifted the basics of the Bitcoin market. 
  • From its original peak value in the middle of April, the Bitcoin network size has dropped to 45 percent. 
  • Bitcoins are making a sell-off at the regular chart.

Elon’s tweet and the Bitcoin community

Timothy Peterson, an analyst, has assessed that more than 20% of the users have left the market. The event followed after Elon announced to stop holding BTC for car payments. It has transformed the basis of the bitcoin network. Also, the Bitcoin community blamed Elon’s two consecutive memes related to parting from the bitcoins market, for the latter’s dip. 

Peterson analyzed that since mid-April, the bit on network seize has fallen to less than fifty percent. Or an estimate of 45 percent downfall from the peak value. 

When does the Death Cross occur?

In the bitcoin price chart, every time a death cross will occur when the  50-day average moving passes the 200 days average from the tip. This acts like permission for the bear trend in the saleable assets. In the context of Bitcoin, a death cross occurs primarily in BTC or USDT chart. 

Bitcoin’s death cross at the regular chart

The current loss of 45 percent of the bitcoin network is in pair with the pullback of late May. Recently, Bitcoin is trading at less than $36,000. This event has fallen to recapture the average of 200 days for almost 21 days. 

In the context of this price action,  Rekt Capital crypto and bitcoin analyst, has tweeted on his Twitter handle. He has given a reality check that, seeing the current rate, within two weeks death cross looks can certainly occur. 

Also Read: Reports estimate that 32 companies hold more than $10B Bitcoins