BTC price action is already in recovery after a modest drop, and traders are favoring upside. Bitcoin (BTC) bounced off a predicted floor on June 4 as the dust settled on the latest market collision with Elon Musk.
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as the pair recovered to levels nearer $37,000 on Friday. Previous strength this week, which had seen a push toward $40,000, abruptly ended in defeat after Musk released another cryptic tweet. In it, the Tesla CEO appeared to suggest that he had moved on from Bitcoin to some form of alternative.
The market sold off, but the biggest casualties this time were altcoin traders. Bitcoin only fell by $2,000 — significantly less than during other episodes involving Musk’s tweets. For popular trader Crypto Ed, who predicted that Bitcoin would need to hit $36,000 again anyway before continuing higher, the bottom was now in.
“Just need to reclaim some levels and we're good to go again,” he said in comments on the market on Friday.
Most reactions among Bitcoiners, however, were tongue-in-cheek, part of a wider narrative that reminds spectators that Musk is of no importance to Bitcoin’s strength. Short-term barriers to a recovery nonetheless remained. Of particular interest to traders were funding rates on the day, these flipping positive after previously favoring longs. In an ironic twist, Musk’s favorite token, Dogecoin (DOGE), lost more than most in the top fifty cryptocurrencies by market cap, trading down 14% at the time of writing.
As ever, seasoned market participants called for a longer-term perspective on Bitcoin. Veteran trader Peter Brandt, who said that $21,000 would be the ultimate floor for BTC/USD under current circumstances, was firmly in favor of a bullish continuation.
“Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?” he argued earlier in the week. Another publicly bullish opinion came from Bloomberg Intelligence, which in its latest monthly report described cryptocurrencies en masse as “discounted and refreshed.” “Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000,” it summarized.
Fundamentals remained stable for Bitcoin, with hash rate — and therefore miners — unresponsive to Musk.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 85.6% | 27 | $64 341.19 | -0.32% | 2.46% | $1 266 894 245 203 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 72.8% | 46 | $3 145.13 | -0.35% | 3.27% | $383 857 826 217 | ||
3 | USDT | Tether predictions | 95.2% | 1 | $0.999982 | 0.02% | -0.07% | $110 461 541 407 | ||
4 | BNB | Binance Coin predictions | 86% | 21 | $614.27 | 1.20% | 12.35% | $90 658 550 982 | ||
5 | SOL | Solana predictions | 65.6% | 71 | $143.02 | -3.90% | 3.16% | $63 952 066 468 | ||
6 | USDC | USD Coin predictions | 92.4% | 2 | $1.000193 | 0% | 0% | $33 359 258 981 | ||
7 | XRP | XRP predictions | 67.6% | 69 | $0.522685 | -1.27% | 5.07% | $28 815 184 852 | ||
8 | DOGE | Dogecoin predictions | 66.8% | 65 | $0.149726 | -1.76% | 0.07% | $21 565 956 248 | ||
9 | TON | Toncoin predictions | 68.4% | 64 | $5.36 | -4.13% | -17.94% | $18 627 921 789 | ||
10 | ADA | Cardano predictions | 63.2% | 77 | $0.467984 | -2.19% | 2.88% | $16 676 093 947 | ||
11 | SHIB | SHIBA INU predictions | 62.4% | 82 | $0.000025 | -1.79% | 13.35% | $14 985 431 644 | ||
12 | AVAX | Avalanche predictions | 66% | 75 | $35.29 | -3.55% | 2.32% | $13 347 284 942 | ||
13 | TRX | TRON predictions | 86% | 21 | $0.117182 | 2.93% | 7.49% | $10 261 545 140 | ||
14 | STETH | Lido stETH predictions | 92.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
15 | WTRX | Wrapped TRON predictions | 88.8% | 18 | $0.117108 | 3.22% | 7.24% | $10 255 022 130 |
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