Bitcoin prices fell back on this Friday (quotation BTC) and industry experts are linking it to another "incendiary" tweet from Tesla CEO Elon Musk.
In the early hours of Friday morning, the Bitcoin provocateur returned to shake the digital sector with another tweet, this time depicting a broken heart.
The cryptic tweet suggested a potential split with Bitcoin, which is currently down 42% from its all-time high of $ 65.000 in mid-May.
Musk had already triggered the sell off with his flip-flop on the digital asset last month, citing environmental concerns due to its energy use.
Tron Network founder Justin Sun was quick to enter the scene, stating, "I will buy all the Bitcoin that Elon Musk sells."
The move was also spotted by the mainstream media with Bloomberg headlining "Bitcoin Dips After Musk Tweets Broken-Heart Emoji for Token".
Later in the thread, he tweeted: “Makeup sex is the best,” suggesting that this is just a big game for the billionaire.
Bitcoin drops by 5%
Bitcoin hit an intraday high of $ 39.500 according to Tradingview, but fell sharply over the next few hours, apparently in reaction to Musk's latest spur.
The world's leading digital asset fell 5%, or $ 2.000, in a couple of hours to hit $ 37.500 before a slight rebound during the morning Asian trading session.
At press time, BTC was trading at $ 37.750, which is about a percentage lower than yesterday at the same time. Over the past 7 days, Bitcoin prices have dropped 2,5% as it remains within a limited channel.
Analysts have warned of an impending cross of death on the longer-term charts which is a disturbing indicator of the continuing downtrend and more pain to come.
Consolidation may be quiet before the storm and a breakout always follows such side trading periods.
Noobs… Get over it!
The effect Elon Musk's tweets have on the Bitcoin markets is proof that inexperienced and emotional traders are still dominant enough to cause this volatility through panic selling.
Institutional and professional investors looking at the bigger picture would not be so easily troubled by such platitudes.
There is also the narrative that Musk is intentionally trying to manipulate the markets for the benefit of Tesla, who may be able to mine BTC using solar energy in the future.
Ergo, when Musk returns to "make love" with Bitcoin, the markets will rise to new all-time highs and perhaps, the prediction of some to see the most popular coin in the world at $ 500, will be realized.
We just have to accumulate more bitcoins in the meantime and hope that you are doing the same too. Taking risks, this is always good to underline, money that you can also afford to lose!
