Fictitious Bitcoin breaks out Appeared

The bitcoin price was trending in between a narrow range and attempting very hard to rally above the levels. The recent DOGE price rally assumed to have fueled by some external factors led to a massive explosion in the crypto space. Therefore, a similar boost was required for the BTC price to retest the new levels.

In the mean-time, the Tesla CEO, Elon Musk changed his Twitter bio to Bitcoin and within moments, Bitcoin price broke the channels and rallied high. 

The most surprising event was, within no time Elon Musk changed his bio, nearly $258.17 million worth of bitcoin short positions were liquidated according to Bloqport. 

Bitcoin too Spikes Amid the DOGE price surge

Moments after the DOGE price surge, it appears that Elon Musk is poised to lift the sinking Bitcoin. As he changed his Twitter bio to #Bitcoin, the BTC price again gained momentum and is surging at a lightning speed.

With the repetitive attempts of the influencers to uplift the bearish market within the crypto space, a well green market can be expected in the coming days. However, the bulls appear to have full control over the Bitcoin price rally, on the other hand, DOGE price seems to have retraced by shedding more than 300%.

Bitcoin Price Rally may still hit above $45K

The narrow trend of Bitcoin price in the recent past had created a misty cloud over the path towards $50K. However, many analysts still predicted the bull run would continue once Bitcoin price is done with correction.

One of the popular analysts, Michael van de Poppe predicts a bullish trend which may hit $37,000 initially and rally further towards new All-Time high.

#Bitcoin breaks through $34,000-34,500 and runs towards the next level at $37,000.

If $34,000 flips & $37,000 breaks I’m assuming we’ll test the all-time high and could go towards $45,000.

Still expecting a corrective February regardless. pic.twitter.com/08e4MxcMN7

— Michaël van de Poppe (@CryptoMichNL) January 29, 2021

According to the analysts, the current levels of Bitcoin price at $36,544.09 were the crucial levels to break to rally as high as above $37,000. And if it further breaks these levels, a new all-time high above $45,000 is imminent. Conversely, if the bitcoin price rally flips, the price may revisit levels around $34,000.

Source: https://coinpedia.org/news/elon-musk-can-send-bitcoin-price-to-mars/