Elon Musk's Influence On Crypto Might Be Fading Away, Analysts Suggest

Large Bitcoin BTC/USD traders and investors — so-called whales — bought the coin after it crashed following some of the latest of Elon Musk's tweets, and analysts suggested the Tesla TSLA CEO influence might be fading.

What Happened: According to a report published by blockchain analytics firm Santiment on Friday, wallets containing between 100 BTC to 10,000 BTC added 50,000 BTC to their cumulative holdings — about $1.95 billion — in the past ten days.

Popular cryptocurrency trader Crypto Ed indicated that the coin needed to hit $36,000 again before resuming its ascent.

LMAO got my correction in the end.

Me thinks the dump is done here, already posting a video update and trade set ups in the group.

Just need to reclaim some levels and we're good to go again.

Have a nice day! https://t.co/2LUEmMb2ln

— Crypto_Ed_NL (@Crypto_Ed_NL) June 4, 2021

Read also: 'Elon, We Did It First:' Bitcoin Sent To The Actual Moon By Developer Group

Bloomberg Intelligence also argued in a recent report that the overall cryptocurrency market is currently "discounted and refreshed" and that the leading cryptocurrency is “more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000."