Today is a big day for El-Salvador and Bitcoin! Because BTC is now a legal tender in El-Salvador. One of the analysts suggested this is the right time to buy Bitcoin, anticipating a bull run. On the contrary, another analyst called his tweet a strategy! Amid heated debates, the BTC price rally faced a slight pullback today after a good start.
The BTC price on Monday surged to $50k. This week El-Salvador’s Bitcoin acceptance pulled up the price rally to near $53k for the first time after the May market crash. Though, a big day started on a positive note rising by 1.02% in the first half. Later the price started to drop.
Yes, the BTC price dropped by 1.1% from $52880 to $50648.
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Looking at the trend, Mr.Whale, a popular crypto analyst. He came up with a tweet pointing to Michael Saylor’s tweet as the major reason for today’s BTC price dump. Well, on 6th September, Mr. Saylor urged his millions of followers to buy $30 in BTC. In order to show support and stand in solidarity with the people of El-Salvador.
As per Mr.Whale, this is a pump and dump strategy by Mr.Saylor to gain massive profits. Responding to the poll of Micheal Saylor, nearly a lakh people acknowledged buying BTC to show support. Pointing out to this, Mr. Whale said this is a trap by Saylor. Who during the May market crash urged followers to buy, when BTC was trading at $64k. And later BTC witnessed a price dump by almost 30% reaching $32k.
Mr.Whale believes Saylor and other insiders are going to dump their $BTC bags. And in response to Saylor’s tweet 17.4% of users didn’t show interest. On the other hand, BTC has its next strong support zone at $46,600. Saylor and team may again return to buy then?
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