As we are quite aware about the BTC bearish trend in the month of June. This dump has shaken the entire world of cryptocurrency. We saw public outrage over Elon's tweets and there are so many reason why BTC was constantly falling. According to the crypto chart analyst, they were expecting huge dip till around $25k to $29k. They suggested to not open future trades for both long and short as well. Most of the crypto traders has stopped future trading and focusing on spot trading, because BTC is in volatile state. But in the last 2 days BTC unexpectedly start gaining the value to over $36K, as you can see the chart below. (Time frame: last 5 days)
The gradual rise in BTC's value is surprising and unexpected. If we follow the pattern of this chart, it seems like BTC will rise till around $40K by the beginning of the month of July. The crypto chart analysts are still not sure why suddenly an uptrend appeared on a sinking boat of BTC.
Elon Musk vs Jack Dorsey
This week Tesla CEO Elon Musk and Twitter CEO Jack Dorsey have agreed to have a discussion at a Bitcoin event call "The B Word". The Elon's presence on event was announced by himself during the conversational tweets on a Twitter. The event will take place on 21st of July. Jack Dorsey is a featured speaker and Elon Musk will be a guest in this upcoming event. The event's website says about the main purpose of this event is,
"The ₿ Word is a Bitcoin focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can and should embrace it, and raise awareness around areas of the network that need support"(The B Word).
But how this event is relevant to the BTC pump?
Not a Coincidence...
Previously we have seen an event known as SNL with the host Elon Musk which was held in May 2021. This event created so much hype among the Dogecoin holders and also helps the Dogecoin to gain the popularity in the industry. This event took Dogecoin price from $0.3 to $0.7 and Dogecoin successfully entered into a billion dollars club. As you can see the chart below, from the beginning of the month of May till the event's date, there is a rise in Dogecoin's value and also increase in the market cap. And this was not a coincidence.
Not a Coincidence then What?
Such types of events help to grow the market cap of crypto coin, because it earns good reputation and gains peoples trust. During the events people study the coin which is going to be highlighted, and people are likely to invest because of the hype and trend it brings. Even such types of events are mainly held for promotions and to educate people more about their product. It raises awareness where people are not familiar with their product. So such events are key to gain popularity and to earn good reputations.
In my opinion, the rise in BTC's value is since after the announcement of "The B Word" event, which is not a coincidence. BTC might reach to $40k till the event's day, because people are restoring their faith in Bitcoin as a liable and beneficial payment method for the future. This event is building reputation of BTC among people. Once again people are considering it as a currency of the future, which will be legalize in every part of the world soon.
disclaimer: I am not a financial advisor. Kindly do your own research before making any decision. I am not responsible for any financial loss. You are solely independent to make your decisions. I do my own research before investment and then share my experience so others might get benefit from my little knowledge.
Share your opinion in the comment section, Is it a coincidence?
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Originally written and published on publish0x by Me.