We have seen how in recent days the price of Bitcoin has presented a bearish cycle. Going from USD 60,000 to less than USD 50,000. However, despite the fall of Bitcoin, the analyst PlanB considers that it does not necessarily mean that the bull run of the asset is over.
“Nothing goes up in a straight line”, He said PlanB in a tweet on Friday.
«Bitcoin has risen 6 months in a row, until this month. This looks like the midway dip that we also saw in 2013 and 2017. “
PlanB is known in the crypto industry for its Stock-to-Flow model of Bitcoin, or S2F. The model basically projects the price of Bitcoin along an upward trajectory in parallel with its halving events and growing scarcity. He has also developed a number of other models around this concept, taking into account different aspects.
In recent months, Bitcoin has dwarfed its all-time high of 2017, nearly hitting $ 65,000 on April 14. In the following days, BTC began to fall to below $ 50,000 on April 23. Roughly a 26% retracement. The move, however, is not out of line with Bitcoin’s previous bull cycles. According to PlanB’s tweet.
Dogecoin or Bitcoin? Elon Musk asks his followers what cryptocurrency they should keep
The CEO of Tesla and SpaceX, Elon Musk, Elon Musk, published this morning another message through Twitter related to cryptocurrencies. In which he apparently asked his followers which cryptocurrency would be most worth keeping / saving.
This was pointed out by Musk in the message posted on his Twitter account. Although he did not refer to any particular digital currency, the word “hodl” is typical of the cryptocurrency ecosystem, so it was implicit that he specifically referred to these assets.
What was really curious in this case were the responses Musk received from reputable figures and various enthusiasts within this space.
One of the most remarkable answers was offered by the CEO of Blockstream, Adam Back, who without hesitation assured that the currency that answered that question was Bitcoin. Likewise, said cryptocurrency had the support of other enthusiasts, who were encouraged to share their response in a message published by Musk to show their support.
Louisiana government gives the go-ahead to BTC
Bitcoin has gained more and more followers in recent months on its rise above $ 60,000. The Louisiana state government recently released a resolution highlighting some of Bitcoin’s achievements.
“It is therefore resolved that the House of Representatives of the Louisiana Legislature commend Satoshi Nakamoto for his contribution to economic security.” So said House Resolution 33 of Representative Wright. According to an article in The Hill, the document was signed yesterday.
The anonymous Bitcoin creator Satoshi Nakamoto’s recognition came after the document patted BTC on the back for its success in terms of adoption and market capitalization. The first lines of the Resolution say:
“Praise Bitcoin for its success in becoming the first trillion dollar decentralized asset and encourage state and local governments to consider ways that they can help them benefit from the increased use of this new technology.”
The Louisiana document outlined a number of details about Bitcoin, noting its prevalence, its decentralization, and its use. The Resolution even singled out the asset as an alternative to gold.