Elon Musk-inspired investors use memes as trading strategies

Elon Musk

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TL;DR Breakdown

• Company boss Spectra Markets talks up Musk’s possible tactic.
• Elon Musk’s influence could see Bitcoin reach a new all-time high in its price.

Elon Musk, the founder of SpaceX and Telsa CEO, is undoubtedly one of the main cryptocurrencies promoters. Musk has been watching the crypto movement for a long time, but it wasn’t until long ago that his tweets affected the crypto prices.

Musk’s opinions have also served as a source of inspiration for other types of investors who have been using its tweets as a strategy. Many cryptocurrencies fans have created memes to be a trend and get the tokens to increase the price; Musk has repeatedly done it.

Elon Musk’s new tweet puts fans in doubt

Elon Musk

Tycoon Elon Musk recently posted a tweet saying that, due to inflation, 420 rose to 69, referring to how much Bitcoin has risen in recent years. It has not been more than a day since the tweet was published, and it has accumulated over 280000 likes, 22000 comments, and about 36000 re-tweets among his followers. Musk has stood out as one of the main cryptocurrencies supporters, and thanks to these comments, the value of the tokens reaches new all-time highs.

Following the Elon Musk tweet, some experts in cryptocurrencies, such as the head of the company Spectra Markets, think that the investor who sells his Bitcoin for more than $69000 may not understand what he is doing. Likewise, Brent Donnelly suggests that people who sell their BTC for around $68,998 will understand trading and the movement of speculations.

This occurs because BTC drops, as in other cryptos, are usually in new integers such as 00 or 30, including Donnelly.  The boss at Spectra Markets hints that stop-loss orders should be at the correct side in the round. But Buy-Stops orders would have to exceed the 00 range in its final two digits, while Sell-Stops orders would have to be well below.

Musk’s views benefit the crypto market

Elon Musk as the wealthiest businessman globally will be trending on Twitter after launching a comment on cryptocurrencies. Musk has been giving his opinion on cryptos since last year, but in 2021, he took a lot more priority among enthusiasts. Musk speculated on the Bitcoin price, and the token reached its all-time high of $64000 in May and $69000 in November.

Elon Musk has allowed cryptocurrencies to take priority by just taking a few minutes to post a tweet. Musk has also focused on Altcoins such as Ethereum, Shiba Inu, and his preferred token Dogecoin, trading at $0.259.

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Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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