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Billy Markus, who created the original meme cryptocurrency Dogecoin together with Jackson Palmer, is a frequent user of X/Twitter and is a respectable figure within the cryptocurrency community.

Today, he published a tweet, discussing reasons why the Bitcoin price can rise and fall. It was published after the world’s leading cryptocurrency skyrocketed by more than 9% and broke above the $47,000 level. On Twitter, Markus writes content under the pseudonym “Shibetoshi Nakamoto.”

Billy Markus talks about Bitcoin price

Markus is known on Twitter for his skepticism toward cryptocurrency investment and trading crypto. In April last year, in one of his tweets, he likened investing in crypto to “just investing in mental illness.” As for those who invest in non-fungible tokens (NFTs), he commented “NFTs are a crypto derivative. So it’s like even more mentally ill.”

Today, Billy Markus posted a tweet about a “frequently asked question” about Bitcoin. The tweet states that Bitcoin goes up “after you sell” and it goes down “after you buy.” He did not consider any other reasons or factors here; therefore, it seems Markus does not believe in either fundamental or technical analysis of the cryptocurrency market. Or, he simply believes that the majority of traders do not know why Bitcoin rises or falls.

Bitcoin smashes $47,000 ahead of possible ETF approval

Earlier today, the world’s flagship cryptocurrency, Bitcoin, skyrocketed by a massive 8.93%, smashing $47,000 and ending up at the $47,201 level. A small correction followed this explosive rise, taking Bitcoin down 1.71% to the $46,461 level, at which it is changing hands at the time of this writing.

Bitcoin thus settled a new high at the start of 2024 not seen since April last year.

The main trigger behind the staggering and sudden price increase is the hype around the spot Bitcoin ETF, which is expected tomorrow, Jan. 10, from the Securities and Exchange Commission regulator.

Eleven major Wall Street companies are awaiting a decision on their ETF filings, which have been updated several times based on the SEC’s demands by now. Should the spot Bitcoin ETF get approved, billions of U.S. dollars are expected to inflow into Bitcoin, and its price is expected to surge to a new all-time high.