Bitcoin ignores Lindsay Lohan’s ‘To the moon’ tweet as BTC price dips 7.6%

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Bitcoin (BTC) lost almost 8% on Feb. 10 as the first significant correction after Monday’s price pump set in.

BTC price wobbles at $48,000

Data from Cointelegraph Markets and TradingView tracked BTC/USD as it fell from local highs of $47,360 to briefly touch $43,750 during trading on Wednesday.

The pair had been on course to hit $50,000 after clocking new all-time highs earlier in the week thanks to news that Tesla had converted $1.5 billion of its balance sheet to Bitcoin.

Corrections had already been expected, a necessary part of Bitcoin’s steady upwards grind, which Cointelegraph Markets analyst filbfilb, believes will see $63,000 hit in the short term. $52,000, he said earlier on Wednesday, may also produce temporary consolidation.

Genesis-mining

On the topic of current market behavior, fellow analyst Michaël van de Poppe likewise advised Twitter followers to adapt to what has been a protracted period of upside.

“‘Why are you scaling out?’ Well, markets are going up heavily, but we’ll be seeing some downwards momentum as well. Nothing goes up in a straight line,” he wrote.

“Realizing partial profits is fine. I’m still keeping big bunches in play, but I can accumulate some more. Easy game.”

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

Bitcoin doesn’t heed all celebrity endorsements

The downturn nonetheless amused some, coming just minutes after actress Lindsay Lohan tweeted a surprise Bitcoin endorsement.

“Bitcoin to the moon,” she suddenly proclaimed.

Among longtime market participants, celebrities and other non-industry figures suddenly engaging with Bitcoin is a “classic” signal that the cryptocurrency has gone mainstream too quickly and that a correction is imminent.

“Tops in, time to sell,” Cointelegraph’s Keith Wareing responded just before the 7.6% dip, which buyers quickly halted.

As Cointelegraph reported, Bitcoin’s overall strength is apparent, which on the back of Tesla’s buy-in and interest in MicroStrategy’s dedicated summit last week seems destined to see higher highs thanks to a domino effect of corporate exposure.

BTC/USD price performance comparison after halvings. Source: PlanB

In a fresh update on the day, quant analyst PlanB reiterated that Bitcoin was still on track to hit $100,000 by September. Progress a year after the most recent block subsidy halving, he said, was in between what happened after the 2012 and 2016 halving events.





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