Bitcoin (BTC) made a foray below $ 29,000 today, January 4, 2021. So now is the perfect opportunity for Bitcoin detractors to spit their venom on Twitter. The bulls were able to quickly straighten the bar. Bitcoiners should not panic despite a 15% drop in 24 hours, announcements from institutional investors raise hopes of future parabolic increases.
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Hate is blind
Bitcoin has dropped below $ 29,000 today. The BTC then made a foray above $ 32,000 before falling back to the $ 31,000 level. Bitcoin is trading at $ 31,298 at the time of writing.
Nouriel Roubini took advantage of this 15% drop in the price of Bitcoin – the BTC from $ 34,000 to $ 29,000 in 24 hours – to attack the latter in a tweet.
According to him, Bitcoin is just an irrational bubble, a pseudo-asset with no intrinsic value, whose price is manipulated by the daily creation of Tether (USDT), by whales, and pump and dump diagrams.
He adds that the rapid rise of Bitcoin at the level of $ 31,817, is due to a massive creation ofUSDT.
Promises to reassure
If we forget the classic explanations of a Bitcoin hate like Roubini, the fall of Bitcoin is due to a liquidation of derivatives BTC valued at $ 190 million on Binance, Earlier in the day.
The Blockstream CSO, Samson mow, reassured bitcoiners in a tweet. He recalled that many institutional investors like One river, Guggenheim, SkyBridge, Ruffle, MassMutual, had announced their intention to acquire Bitcoins.
The amounts of these acquisitions vary from $ 100 million to $ 1 billion in BTC.
Today’s fall could just as easily cast doubt in the minds of investors, causing them to sell their BTC for fear of a massive serial sell-off, only to cause further parabolic highs with bulls successfully defending the $ 31,000 despite a sharp market decompression.
Can you imagine the frustration of Dr Doom and Peter Schiff when Bitcoin records daily gains of over $ 1,000 or $ 2,000? With a daily RSI (14) breaking above 87 over the past few days, is this bearish reversal really any surprise? When should you really start to panic? A little clue: when institutional investors start to pack their bags.
Litecoin, welcome in the Silver Age