To be honest, I think yes Elon F’d a lot of people out of a lot of their money, but I think there could be some fundamental reason behind it.
Take this rant with a grain of salt, I lost a ton also but I am hoping that there is a good reason for this tank and further kicking of this asset while it’s down.
Since 2021 hit everyone has been dumping everything they have into Crypto from stimmy’s to paychecks, to grandmas stash, and as of Mid February it was Buringin like a sun of and crazy valuations similar to the dot com bubble where people jumped in, then more people because they saw their friends getting bank and more because their friends got bank. But now that is all amped up by our access to social media, you can watch someone’s day trade live and make 20k in a few trades #Poor4Life. So the concept of this bubble asset has gotten way out of hands like the meme stocks of AMC and GME (and others come ooooonnnnnn SNDL!!!!)
I think (obviously taking this huge leap that this guy is not a narcissistic A$$ but truly believes in the product) I guess I should say I hope that Elon pulled this BS with BTC for a reason, the asset was burning way too hot, and if it kept up like that it would have completely collapsed upon itself (worse than you are seeing now).
Now there are people out there preaching that this is either a dip, part of the cycles of BTC , this has happened before, or this is the end of the world, well maybe I am just stupid but I don’t really trust any of them because nobody has any clue. The real truth in my opinion is that now that you have institutions throwing real money, not whale money but real billions in day trading this asset they will essentially be able to run the show and tank the whole thing worse than the 30% to 50 percent that we saw this year because they also have all the assets from news and media on their side, they can play an individual buyer in this asset as they have in every other market for the past 50 years. But This is where I think Musk comes in, he has a huge base and a huge voice, when he says something in goes directly to people’s home so they can make the moves on these assets (which they will probably miss since they are not up at all hours). The big banks want this to burn out because it threatens them but Musk could be trying to help charge the stock in a mid-cycle cooldown period so that when it lifts off in the next month it goes higher than most expected.
Take all of this with a grain of salt but if you look at the charts I think you will see that musk keeps dropping tweets when BTC gets close to 40K, now everyone says when we get past 40K we are good, but now we are in a huge that will stop us halfway to 60K. I think the plan is to let the Flag run its course and try to help this asset (for the people of the people) charge up and cool down to make an epic escape. I am holding tight for this one with some of my money on the bench and my stop losses on, watching the support lines and hoping it’s going to go up, but I guess I will see you on the other side.