There has been a lot of animosity toward the “Grand Wizard of Tweets” Elon Musk lately for seeming to have single handedly crashed the crypto market.
If you been paying attention, Musk has criticized bitcoin and its inefficiencies as a Crypto acting as a currency, due to the amount of energy it takes to run the network.
Now bitcoin has been struggling at major resistance of an upper regression band at around 70k as well, and could have, in my opinion been due for a small slower correction if Musk had not criticized it.
I think with his tweet he has accelerated the correction, and although many people unfortunately will sell, for the FUD has taken over them, not realizing the market can correct 40% in a bull market, and still be on par with its targets. These newbies may be flushed out for stronger hands and ultimately a reversal to New ATH’s!
Now I dont agree with Elon's tactics, because I feel he has other motives behind his tweets. I believe he will still buy bitcoin if it drops to levels low enough for him to re-accumulate, as well as other coins.
Although i dont agree with it, I can almost find peace with it “IF”, a big “IF”, the market does not continue into a bear market and makes its way up gradually to New ATH’s in the coming months, allowing alts to also move to either consolidate or find new ATH’s themselves.
My beloved ADA has taken all of this news quite well so far, and had reached a new ATH while all other coins seemed to tank. I hope this becomes the light needed for Cardano to be bloomed as nature intends it to.
Lets see how the coming couple of weeks goes, and see if Elon is truly shaking out weak hands, and markets move up regardless of his negativity towards Bitcoin going forward. And for those who cling to what one man tweets meed to wake ip and stop being manipulated so easily by rich celebrities trying to shake you out and steal your bags.