Elon Musk has had us all shocked with his exciting news of buying Twitter. We’re not alone! The crypto market had significantly shifted after the announcement. The data shows that the markets have improved as Bitcoin recaptured $40,000. At the same time, the excitement about Elon Musk’s purchase of Twitter resulted in a 20% increase in the price of DOGE.
The cryptocurrency market was under pressure in the early hours of April 25. Still, a small surge of bullish price movement followed news that Elon Musk had struck an agreement to buy Twitter for $44 billion. Data shows Bitcoin’s (BTC) price rose 5.72 percent to an intraday high of $40,366 on April 25 after dipping as low as $38,210 in the initial trading hours as word of Twitter’s sale circulated through news sites.
Future of Cryptos Predicted
We all are wondering if our shares of crypto will make us billionaires anytime soon. Here is what experts are predicting for the near future of the crypto markets.
The technical graphs show that Bitcoin’s exchange reserves are declining, indicating that there is much buildup going on. The current gloomy feeling in the crypto market was addressed by the crypto trader and pseudonymous Twitter user Phoenix; they claimed that the current movements hint toward a strong accumulation period.
According to previous macrocycle bottoms, Bitcoin is still positive. While the present drop is not done, on-chain data firm Whalemap believes a “generational bottom” is on the horizon. As the chart indicates, purchasing these occurrences may be quite rewarding for investors.
Will The Bullish Trend Continue Above $39,610?
Market analyst Michal van de Poppe provided one more piece of insight into Bitcoin’s future, highlighting $39,610 as a critical barrier to overcome if bulls wanted to see the additional upside. The total cryptocurrency market capitalization is currently $1.859 trillion, with Bitcoin commanding 41.2 percent of the market.