Can one man be responsible for this massive BTC pump...well...they can be ...sort of...

in LeoFinance3 months ago

Over the years we've all seen dozens of BTC pumps but nothing like what just happened a few minutes ago. In this case a 5 word tweet and a simple update on their profile status was most likely more than enough for BTC's price to climb from $32K to $37K in just 30 minutes.

Still don't understand what I am talking about? Oh well...about this.

20210129 11_23_36Elon Musk elonmusk _ Twitter.png

About an hour ego he tweeted:

And this is what happened right after.

20210129 11_31_2637,058.56 _ BTCUSDT _ Binance Spot.png

Just look at these 2 huge green candles that make all candles prior to these 2 look like dwarfs. Price jumped from $32K to $36.6K and when the hourly candle closed it kept going up with the same fierce only to temporarily stop at $37.7K.

15%+ price changes isn't something we are not familiar with when it comes to BTC but USD wise this is probably the most impressive candle I can remember.

The thing is that when BTC pumps that hard within minutes, everything else against it head south...so this is how some of the big players out there performed while it was mooning.

ETH

20210129 11_44_400.037637 _ ETHBTC _ Binance Spot.png

LTC

20210129 11_45_300.003859 _ LTCBTC _ Binance Spot.png

XMR

20210129 11_45_100.003809 _ XMRBTC _ Binance Spot.png

ZEC

20210129 11_45_550.002346 _ ZECBTC _ Binance Spot.png

Why? Because when people see BTC pump they change their positions and try to ride the wave. Hence they trade their ETH/LTC etc for bitcoin to make some profits, therefore even though Satoshi wise these coins dip, USD wise their price remains the same and in some cases it even goes up a little.

What's coming next? Well I don't know what's coming next but when this massive buying pressure subsides and if BTC doesn't dive in the meantime, you can expect all those alts to start going up again as people will take profits from BTC and start buying alts again.

An endless loop till the alt season is finally at our doorstep...

Did you ride the wave or maybe all good things crypto happen when you're in bed?

Have a good one people.

Cheers.

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I'm going to create an app that causes my phone to vibrate, strobe flash the screen and flashlight all while playing Money, Money, Money, by ABBA at max volume every time Elon Musk posts something to twitter.

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You can just turn on notifications. But hey if you fancy ABBA go for it.

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There must be people making a living from it.

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It says a lot about influence..Where one centralized authority flaunts their authority to affect a decentralized system.. it doesn't have much effect in the decentralization of Cryptocurrency..just influence..You just gotta love the concept of decentralization..

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I love hearing things like "till the alt season is finally at our doorstep" because the last year has been such a profitable run... I'm so glad I didn't panic before the New Year and consolidate everything (that was an earlier plan of mine). Today: #Ravencoin (RVN) is making me smile. Lately: #GrowthDefi (GRO) has proven to be worth the 9-month wait. If #AltSeason is still waiting in the wings, I'm gonna be eating leftover gravy for years! lol

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Isn't there an old truism that goes something like "buy the rumor, sell the reality" or something along those lines?

Maybe his statement did send a lot of trigger happy traders to their trade stations, but now there has been a little time to cool off, it seems that we are getting close to back to the point where we were before that happened, maybe with a little extra padding.

Whereas I am sure fortunes are built and lost on those sorts of speculations, I just don't have the stomach for it. Interesting to watch, though...

=^..^=

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Musk sees crypto as a use case for his entire ecosystem now. Don't be surprised to see a token, something like an Ethereum token called "Ethers" (to use Nikola Tesla vocab) to be launched.

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My point of view is simple, the market transmits what its users want to see, the simple moose of the btc excites new users and others benefit, many also regret not having bought, there is a possibility that it is not just a loop rather , I consider it to be a scale where you gain more weight, I have a feeling about the btc, although I have not yet been able to buy a large slice since it is economically impossible and what I have achieved has been thanks to several sites like this, the percentage is little one I am happy because 9 months ago a great connoisseur of cryptocurrencies predicted what today became the btc and now he expects that by the middle of almost the end of the year the btc will reach an all-time high again, I think it would be good to give him the benefit of the doubt as long as it is at will

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D*rn, Musk is powerful. Seems valid the simple change of his profile description by Elon M, caused this pump. We all know how he influenced his own stock prices. Wondering why he changed his mind regarding crypto. Any suggestion? Also wondering if he'll become the next McAfee, causing pumps of whatever coin he is gonna tweet about :)

Though we can't predict the future (only time will tell), I predict BTC will resume its way downhill as it was going before :)

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I have no idea what changed his mind. Probably he doesn't know what to do all these billions of dollars and looking for a new investment, or he's just messing around...or he finally realized, that BTC and crypto is the future

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Who knows indeed 😉
I don't think he needs any more investments though. I can imagine he likes to get some experience with crypto's. Could be the bases for the financial system on Mars.

I obviously don't think it was because of him... might have been someone he knew... or something he was planning with someone for attraction... but unlikely to be him. 400 Million injection is a lot of money... for a trade.

But hey... we will never know probably.

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I am not suggesting that he started buying like crazy although I wouldn't be surprised either. All I am saying is that his statement triggered a chain reaction and hundreds of people started buying because of that statement. Not every day the richest or one the richest individuals on Earth admits that...

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Yeah... it was too fast for anyone to really do anything in my view... I think this was a one plan group thing... and little more got around it. Hard to say without proper deep blockchain analysis.

Musk's name is powerful. This is a fact. However, I think he alone can't achieve such a "heroic" feat.

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I can't imagine either, Musk did this all by himself But don't forget a large number of followers he has, and how quick the 'Bitcoin" thingy went around Twitter. I would believe it when it was just his profile change that caused a chain reaction. That said: I didn't do the research, so what do I know {LOL}

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Elon should be in books as a prime example of "influencers" :D

That candle was the biggest one in BTC's history. We can say that right now we have history in the making.

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The biggest indeed? WOOHOO!
I do hope you sold your BTC and stepped back a day later (like last night, a few hours ago :)

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I don't own BTC.

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Owwww 💃🎶🕺

I don't have that much Bitcoin and it didn't actually helped me that much. But I admit, I bought some dogecoins.😁

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it only show how social media influencers can move mountains of candles in a single tweet or by putting #bitcoin in the bio ;)

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This is a phenomenon
to see there is more to
chew in this universe.
It will go back down
unless another wave grabs it past $40k

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I wouldn't be surprised if it smashed it previous ATH today...

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By now we all know the answer.... BTC is in a clear downtrend. Musk just caused a little hurdle. Was clustered to the screens for some time yesterday to see how the market would react to this pump. Quickly I realised the market still likes to see a lower value for BTC. To me, this is kinda logical as well. Setting aside our Hopes & Dreams, means no more moon for BTC coming period (I apply very basic logic though as you can read in my latest post).

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I believe crypto will reach the biggest peak when it gets this kind of endorsement because people are always more interested when it's s personal endorsement. What do we know, bitcoin has made musk rich and he's probably going to endorse it sooner or later, hopefully we see more impact in 2021

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Truth is that information is what fuels crypto. As such, coming from influential people like Elon would definitely make a lot of impact. That's how surprised I was too.

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The pump was a crazy one :)
Within a twinkle of an eye, BTC shoot to 36.6k
It's not gonna be long for the season of alt and I hope we wouldn't miss out on that one.

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fingers crossed

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:) fingers crossed indeed lol

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Really, it is possible to have BTC hit $50k by February 1 as this new bull run begins.

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This only works if you have a lot of BTC to start with, so your storage of value weights more, but to whoever trades in alts, it is not exactly something, and even if connected it doesn't last too long.
For example, DOGE is going to smack down like the last time. Many people didn't see it, counting on perma conditions, now they are cursing

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the power with just a simple tweet some people have

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Not some random guy...THE GUY

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He ( they) didn't do it because of that, I think you should see who was at loss, not at gain.

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