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Elon Musk Ignites Bullish Sentiment in Community as Bitcoin Tops $50,000

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Tue, 13/02/2024 - 11:32
Elon Musk Ignites Bullish Sentiment in Community as Bitcoin Tops $50,000
Cover image via www.youtube.com

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Elon Musk is the most influential persona on Twitter with the biggest number of followers. Today, after just greeting his community, Musk got back a wave of bullish comments from Crypto Twitter users who were apparently inspired by Bitcoin’s jump above the $50,000 level on Monday.

Musk faces bullish crypto sentiment as Bitcoin reaches $50,000

Elon Musk, centibillionaire and the boss of Tesla, X (formerly Twitter), SpaceX and other innovative tech companies, faced an inflow of positive and bullish comments from leading cryptocurrency-themed accounts, traders and crypto platforms.

The cryptocurrency community seems to be tremendously excited about the world’s flagship crypto, Bitcoin, soaring above the $50,000 price tag a day before but exchanging hands in the $49,900 range at the time of this writing after a marginal setback.

Bitcoin has finally surged past the $50,000 mark thanks to Bitcoin ETFs' continuous accumulation of massive BTC chunks over the last month. These spot-based assets were approved by the Securities and Exchange Commission one month ago, in January, and the aforementioned record price level was surpassed on Feb. 12.

A bullish response to Elon Musk's tweet
Image via Twitter

Main reason behind Bitcoin's surge

According to VC investor and entrepreneur Anthony Pompliano, who appeared on CNBC’s Squawk Box show on Monday, Bitcoin has turned into Wall Street’s favorite asset. He pointed out that currently, while miners produce 900 BTC per day, Bitcoin ETF issuers are scooping up 12.5x that amount.

The march to a new all-time high is underway if this continues,” Pomp tweeted.

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Samson Mow's bullish BTC statement

Bitcoin maximalist and CEO at Jan3 Samson Mow expects Bitcoin to skyrocket to the $1 million mark unexpectedly. He pointed out that in 2017, Bitcoin surged 20x within nine months “with no fundamental changes in market dynamics.”

In 2024, Bitcoin ETFs grabbing Bitcoin in gigantic amounts “are bringing 100’s of millions of dollars in inflows every day. Plan accordingly.”

Mow has already switched to counting the Bitcoin price in the “$1 million scale,” referring to $50,000 as $0.05 million, $100,000 as $0.1 million, etc.

He suggested that if somebody finds it hard to believe in Bitcoin soaring 20x quickly, they should wait for BTC to hit $100,000, and then perhaps it would be easier to expect a 10x price surge.

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