In the last two trading days, we have observed a major dump on Bitcoin just right after Elon Musk tweeted that the price of Bitcoin was too excessive. Nevertheless, it created chaos with traders and investors all over the world. Bitcoin rose up to $58,000 grounds that hit another all-time record-breaking high. This has risen three times over the last three months. 

Best entry for Bitcoin 

The hype began when Elon Musk tweeted that he is for Bitcoin and evidently bought a 1.5 Billion worth of total investment in Bitcoin. Moreover, he's that one also that leads Bitcoin to fluctuate. This is an explicit strategy on how to do business. As more and more are interested to indulge in Bitcoin, as prices dipped more whales are leaning towards buying cheaper amounts of BTC. 

This is the best entry if you plan on buying Bitcoin. If you are bullish in the next three to four months then this time is the perfect buy. With different talks among financial analysts more are on the bullish side of cryptocurrency than on the bear. 

According to Cointelegraph, just at this juncture Square has bought additional Bitcoin for their asset holding doubling its portfolio for Bitcoin. Big companies see this as an opportunity instead of a drawback. And that's one of the examples. 

Technical Analysis for Bitcoin

If we look back last January 9 and 10 of this year there was also a massive sell-off on those two dates. Thus, this possibly is imprinting again the same pattern compared to last month and even to pullback more even stronger. The data shows that it has been parabolic in the last two weeks after Tesla's Bitcoin investment. The price eventually fluctuated around 21.40% in the last two days and the percentage of the same ground happened last month. 

RSI levels also, that its time to rest since this has been up 70 line range which indicated an overbought value in the last two weeks. The cooling-off period could probably run in a week or even a month but the overall picture remains bullish. 

In addition, it just merely touches the middle line of the Bollinger band which indicated that there has not been much of a sell-off. The price can definitely recover in the next couple of days and could retrace another astronomical all-time high.