Trump Tweet Timing Coincides With Bitcoin Breakdowns

Tony "The Bull" Severino

5 years ago

2 mins read

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When the controversial leader of the free world – United States President Donald Trump – tweets, people tend to pay attention. But could there be some correlation to recent Trump tweets coinciding with Bitcoin price drops?

And could one of Trump’s tweets be responsible for Bitcoin’s recent downtrend? Or does what appears to be conclusive data amount to nothing more than pure coincidence?

Trump Iran Tweets Cause Crypto to Crash

Bitcoin price has been an ongoing rally, ever since news broke that the United States launched a drone airstrike, killing Iranian General Qasem Soleimani.

The leading crypto asset by market cap pumping in the face of global turmoil alongside gold has revived the safe-haven asset narrative, further fueling the bullish momentum.

The pump began on January 2 after news circulated the web, but days later Bitcoin experienced a pullback shortly after Trump tweeted that the US would retaliate if provoked.

I would've agreed with you before Friday and argued the same Bob, but this time it just moved almost exactly in concert with gold and oil. Previous geopolitical events moves either led or lagged by a lot more pic.twitter.com/oPyVn8c2Nh

— Nick Hotz (@Nick_Hotz) January 8, 2020

Interestingly, the news of initial conflict caused a rally, yet Trump’s escalation caused a dip. The rally then continued, until Trump tweeted yet again.

This time, Trump’s tweet was an attempt to deescalate tensions, which promptly caused Bitcoin to top out and begin to fall back toward resistance turned support.

Bitcoin Downtrend Began With a Twitter Tirade From US President

This isn’t the first time a tweet from United States President Donald Trump caused a major Bitcoin breakdown.

Back in early July, Bitcoin was in the midst of making another attempt toward retesting the $14,000 high for the year, Trump made a series of tweets about Facebook Libra, Bitcoin, and crypto in general.

In his tweets, he spoke of his distaste toward the emerging asset class and how it is used for illicit criminal activity.

It also promoted US regulators to take a closer look at the market and apply more stringent barriers. In the days following the tweet, nearly every US branch of government suddenly had a new crypto agenda, including the IRS and the US Treasury Department.

Since then, Facebook’s Libra has been heavily demonized and may never see the light of day. Elsewhere around the crypto market, it’s been nothing but devastation since.

Bitcoin has been in a downtrend ever since that fateful day. At the time, the crypto community was elated that their magic internet money was being discussed by the leader of the free world, but had they known that moment would have marked the start of another bear market, they may not have been so enthusiastic.

So next time you see Trump tweet, it might be time to open a short or at least be ready to buy the dip.

Featured image from Shutterstock

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.