Twitter Hodlers Celebrate as Bitcoin Tops $30k

Is the bear market over for bitcoin? Some investors think the asset’s recent $30,000 breakthrough means that the worst is over

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Bitcoin broke through $30,000 on April 11, reaching price levels not seen since June of last year. 

Following the milestone, Microstrategy’s Michael Saylor took to Twitter to declare that “Bitcoin is champion.”

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Saylor vacated his role as the company’s CEO in 2022, but remains its executive chair. He also oversees the company’s bitcoin transactions. 

Bitcoin (BTC) above $30,000 puts Microstrategy back in the green in its investment. The average purchase price of MSTR’s bitcoin bet is just over $29,000. On April 5, Microstrategy added 1,045 bitcoin to its position for around $29.3 million. 

Other bitcoin bulls, such as YouTuber @CryptoRover used the price action as a chance to declare that the bear market was over. 

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Investor Lark Davis insinuated that this was just the beginning of a crypto rally, saying that “The day will soon come when buying Bitcoin under $30,000 will seem like as much of a fantasy as buying BTC under 3k is to us now.”

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And of course, celebratory hodlers never miss an opportunity to throw some shade. Twitter user and self-proclaimed “Chief Hodler” @CarlBMenger posted a sad Spongebob and teased, “Still waiting for 10k like your favourite crypto YouTuber recommended?”

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“Is nature healing?” Money manager Genevive Roch-Decter, who goes by @Grdecter on Twitter, asked.

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Another Twitter user @TheBitcoinTherapist also declared the bear market over and shared a meme showing a ship sinking with Silicon Valley Bank, Credit Suisse, Silvergate and FedNow aboard it. 

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Peter Schiff, CEO of Euro Pacific Capital and a well-known critic of bitcoin, took to Twitter to say that the rally is being driven by existing hodlers, and that the “institutional adoption is over.”

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Crypto trader @PKycek shared a chart of Bitcoin and noted that the bitcoin “dominance chart is trending nicely” but he added “let’s see if there is a reversion…” 

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