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Billy Markus, who built Dogecoin together with Jackson Palmer and rolled out this very first meme cryptocurrency in December 2013, has voiced what may be referred to as a prediction about when Bitcoin may resume its upward trend.
"Bitcoin having 'a mood' again"
In his usual half-serious and relaxed manner, Markus tweeted that he believes "Bitcoin is having 'a mood' again" as he commented on the recent Bitcoin price plunge. However, Markus did not mention what preceded this massive BTC slump.
On Monday, Dec. 11, U.S. anti-crypto Senator Warren passed a bill that cracked down on Bitcoin and all other cryptocurrencies. She stated that crypto is widely used in illegal and criminal activities, such as tax evasion, and North Korea, she stressed, uses crypto for financing half of its nuclear weapons program.
The leading cryptocurrency responded, dropping further after a decline demonstrated on Sunday and, thus, shedding 8.70% within 24 hours. Bitcoin was then dethroned from $44,000 and fell back to the $40,140 price tag. Over the past two days that followed until now, BTC has managed to recover 2.7% and is changing hands at 441,337. Still, prominent crypto blogger Lark Davis believes that insiders may have known about Warren’s upcoming anti-crypto bill since Bitcoin began to drop 18 hours before it was passed.
Here’s Markus’s Bitcoin growth thesis
Aside from that, several major analysts shared that Bitcoin was “overheated” at the $44,000 level, so, they believe, it was bound to rebound.
When asked what should be done about Bitcoin plunging so abruptly, Markus stated that it needs “space” and “it’ll come out of its room eventually, maybe,” without specifying what exactly this was supposed to mean.
However, the Dogecoin cofounder is known for his indifferent attitude toward cryptocurrency prices' rises and falls and seems to be taking all price fluctuations for granted. In several earlier tweets, he stated that crypto goes up of its own accord, and nobody really knows why these spikes or crashes take place.
But some experts believe that Bitcoin’s upward movement should resume soon. Santiment analytics team is among them, believing that BTC has been completing a “bear trap pattern” with this price fall.
Gamza Khanzadaev
Godfrey Benjamin
