I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.
So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.
There was an expectation of a decline in the price of Bitcoin. I don't think it matters if this drop is made by Elon Musk. Bitcoin price had been stuck at 29k for a long time and something had to happen.
For the Bitcoin price to surpass the 29k levels, the expected drop had to come first. I think this is a good situation for Bitcoin. Before the bull run comes, Bitcoin gives us the opportunity to buy. Don't panic and buy Bitcoin if you can and wait. This is the message I get from this movement of the market.