• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Nexo Logo

Bitcoin Posts Comeback Rally on Elon Musk Comment; Analyst Sees ATH

Yashu Gola by Yashu Gola
1 year ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Bitcoin prices raced towards $35,000 as European investors woke up to Elon Musk’s latest cryptocurrency endorsement.

The BTC/USD exchange rate rose as much as 4.8 percent during the Asian and early European session to hit an intraday high of $34,728. That followed a 2.63 percent jump last week that closed January at a 14.13 percent monthly profit.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin attempts to break above its short-term trendline resistance. Source: BTCUSD on TradingView.com
Bitcoin attempts to break above its short-term trendline resistance. Source: BTCUSD on TradingView.com

Musk Has Bitcoin

The jolt of recent retail interest came after Tesla and SpaceX founder Elon Musk—a high-profile tech celebrity in his own way—relaunched himself as a Bitcoin supporter. In an audio conference call with venture capitalist Andreessen Horowitz and other investors, Mr. Musk called the cryptocurrency “a good thing,” stating that it is standing on the “verge of getting broad acceptance by conventional finance.”

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Mr. Musk’s comments followed his cryptic Twitter bio update on Friday in which he modified his introduction to just one word: Bitcoin.

That helped raise the cryptocurrency to its weekly high above $38,500 as many analysts noted that Mr. Musk would convert his companies’ cash reserves into Bitcoin. Nevertheless, it pared those gains entirely heading into the weekend, only to resume its upside move on Monday after Mr. Musk’s latest statement.

“The richest man in the world is a big fan! He must have a bag,” said Lark Davis, a crypto YouTuber, on Monday. “Elon Musk probably going to announce his bitcoin buy soon. The guy has to have a few hundred million worths by now!“

A super-dovish Federal Reserve, near-zero interest rates, unlimited bond-buying, and stimulus injections worth more than $3 trillion has prompted investors to pour their capital into the Bitcoin market in the last eleven months. Most of them, including corporate firms MicroStrategy and Square, see the cryptocurrency as a hedge against inflation.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
US Dollar, US Dollar Index, DXY
US dollar index’s gains stand limited by concrete resistance areas. Source: DXY on TradingView.com
US dollar index's gains stand limited by concrete resistance areas. Source: DXY on TradingView.com

Tesla has $19 billion worth of cash reserves that may likely lose their dollar value should the Fed’s dovish program continue. That has raised the prospect that Mr. Musk may convert a portion—if not all—of its cash balances to Bitcoin.

All-Time High Ahead?

The latest push upward has improved Bitcoin’s prospects of recording another bull run to retest its record high near $42,000. For starters, the cryptocurrency is visibly attempting to break out from a Rising Wedge pattern. Its primary upside target is near $50,000.

Furthermore, Marc Principato, the executive director of Green Bridge Investing, sees a so-called Wave 5 brewing on the Bitcoin charts, anticipating that maintaining support above the $27,500-$30,000 area would push the price back past $40,000 in the coming sessions.

“Based on our specific rules, as long as the price fluctuates above 27.5K, our outlook will continue to be bullish, even within this smaller range bound structure,” the analyst wrote. “27.5K to 30K is a broader higher low area, and in the context of a bullish trend, higher lows often lead to higher highs.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin bullish setup highlighted by Marc Principato. Source: BTCUSD on TradingView.com
Bitcoin bullish setup highlighted by Marc Principato. Source: BTCUSD on TradingView.com

Dmytro Volkov, CTO of the international cryptocurrency exchange CEX.IO, matched the bullish sentiment by providing the details of their latest signup statistics. He noted that the number of new users on their exchange increased after Mr. Musk’s pro-Bitcoin update.

“This Friday we have experienced an anomalously high number of new registrations on CEX.IO. We saw a similar surge in early January, but there were half as many registrations then,” he told NewsBTC via email.

“Right now, the number of new user registrations is about 4 times higher than normal. Other exchanges are seeing similarly sharp increases in user numbers,” he added.

Tags: bitcoinbtcusdBTCUSDTcryptocurrency
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

bitcoin hammer reversal

Hammer Time: The Bullish Signal That Could Save Bitcoin

12 hours ago
Cosmos

Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

2 days ago
MicroStrategy

MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals

2 days ago
Bitcoin

Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

2 days ago
Bitcoin

Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000

2 days ago
El Salvador bitcoin

More Stress For El Salvador As Bitcoin Dips To $29,000

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List FidoMeta (FMC) on May 23, 2022

May 22, 2022

Are Mountanaz (MNAZ), Bancor (BNT) and Convex Finance (CVX) the Top DeFi Projects to Watch in 2022?

May 22, 2022

ApeCoin (APE) has a New Rival: The Burgeoning Saga of RoboApe Token (RBA)

May 22, 2022

The Changing Face Of DeFi: What Is The Future Of Fundraising?

May 22, 2022

3 CRYPTOCURRENCIES THAT WILL MAKE YOU A MILLIONAIRE: PACMAN FROG (PAC), POLYGON (MATIC), AND STELLAR (XLM)

May 22, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.