Amid the continuing GameStop frenzy, crypto has also been hot… A lot of people are wondering if Bitcoin will crash again — and whether they should buy the dip.
Earlier this week, Bitcoin hit a fresh record high on news that Tesla CEO Elon Musk bought $1.5 billion in Bitcoin (BTC). The company also said it will start accepting BTC as payment for its products.
Musk, who can move markets with a single tweet, also added #bitcoin to his Twitter bio, which quickly pushed the crypto up as much as 20%.
That saw the price rise to a record high of $57,790 each before we saw Bitcoin crash again. As of this morning, it was trading around $50,500.
In fact, while Musk may be partly responsible for Bitcoin’s latest record surge, he’s also likely partly responsible for the subsequent dip — all via Twitter. Musk tweeted Saturday “BTC & ETH do seem high.” (ETH is Ethereum, another popular crypto).
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
So as you can see, we’ve had a huge move up since October, when Bitcoin was trading for just under $12,000. In a few months, we’ve gone from $12,000 to as high as $58,000.
Well, ladies and gentlemen, that’s not a normal move!
And it’s perfectly normal and healthy for it to pull back, digest, pause and then build a new base before moving higher again. So if you’re asking will Bitcoin crash again…
Yes! There’s no doubt about it.
The big question everyone should be asking instead is whether or not you should buy this pullback. Check out my short video on why Bitcoin is crashing and let’s talk about whether or not you should buy this latest dip.
And as always, please like and subscribe to our YouTube channel. You can also follow me on Twitter, and read more of my thoughts on the market at WealthPress and on Forbes, where I’m also a contributor.
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