BTC on track to hit $100,000 this year, says trader
27 Apr 2021
Bitcoin remains on track to reach $100,000 in 2021 and the recent dip is “unchanged price action.”
This is according to renowned investor, Dan Tapiero, as BTC/USD rallied from its dip to near $46,000.
Tapiero said on Twitter he had been “inundated” by clients concerned over Bitcoin’s recent price drop, Cointelegraph reports.
In reference to a technical (TD sequential) buy signal crash to $3,600 – not witnessed seen March last year – Tapiero tweeted: “A very rare td buy signal in Bitcoin. Last one came right at the March '20 low. Still see 100k this yr.”
He added: “Overwhelmed with calls of panic last few days over what is unchanged price action...ie still at 50k. Hodl is the only way to be long without emotion.”
Tapiero’s comments came alongside those of Tesla CEO Elon Musk and trader Dave Portnoy.
On news the electric carmaker had sold a portion of its Bitcoin holdings, Portnoy said this showed Tesla lacked belief in the cryptocurrency’s long-term viability.
This was vehemently denied by Musk: “I have not sold any of my Bitcoin,” part of a Twitter response said.
“Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”
Musk often determines Bitcoin price movements in the short-term, and should BTC/USD revert to levels near $55,000, gains of almost 10% since the start of the weekend could be another classic “Elon candle” move.
“Bitcoin hodl confirmed,” Blockstream CEO Adam Back stated on Twitter.
As previously reported by Cointelegraph, Bitcoin’s underlying fundamentals indicate “business as usual”, despite the recent disruption.
On Monday, changes in circumstances for miners were already accounted for, one of the possible triggers for the price drop.