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.
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."
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