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Crypto Prices Drop — Elon Musk’s Bitcoin Prediction Is $20,000

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Bitcoin’s price saw a strong rebound jumping to the $19,000 level after dropping to a daily low of $18,000 on CPI day.

There was a lot of excitement as CPI data showed inflation rising faster than expected. This was seen by many as a sign of future rate hikes by his Fed.

BTC rises on CPI day

Bitcoin’s price has returned to within 1% of yesterday’s high after missing a four-hour trendline the other day, as traders speculated ahead of CPI data. . Bitcoin’s relative power surpassed that of the stock market as a whole. The S&P 500 index fell to a low of 3,491 on the day of the CPI report, but quickly rebounded to a high of 3,660.

Elon Musk Predicts Bitcoin Price Future

While the billionaire has not yet tweeted a follow-up, Elon Musk’s late-night one-word “$20,000” tweet predicted that Bitcoin’s price would recover to its psychological support levels soon. It suggests that

If Elon showed his enthusiasm for Bitcoin by tweeting about it less frequently at its current price and instead focusing on Dogecoin, BTC might have recovered much quicker on CPI day.

Does Bitcoin have what it takes to bounce back?

Price targets like $21,500 on TraderSZ last week are within reach if Bitcoin can retake the trendline in the Bitcoin price chart above.

On the upside, the weekly candle closure puts the current range at around $24,300 and the wick at around $25,200.

Chimpzoo, the former top of the Bitmex leaderboard, is a Bitcoin bull who believes Bitcoin can sustain its price above $19,000. In recent news, Bitcoin has closed its candle above $19,000 per hour.

There was a recent report on DonAlt’s $29,000 bitcoin price estimate, but he’s not the only one who thinks the market will make a big move upwards, even in the form of a bear market rally.

Renowned cryptocurrency trader Brandts predicts the market will remain flat for the remainder of 2019 and possibly through 2023.

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Investors are eyeing the pre-sale of the IMPT token, a new cryptocurrency that has just surpassed $4 million in its first seed round of funding.

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Crypto Prices Drop — Elon Musk’s Bitcoin Prediction Is $20,000

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