Bitcoin was only worth $ 50,000 in the past 24 hours after the news that Tesla had acquired $ 1.5 billion in assets. Although Bitcoin (BTC) has risen more than 100% in recent months from a 2017 high of around $ 20,000, Chadds, a crypto analyst and trader on Twitter, believes the situation remains optimistic.

“I think a lot of people are looking for the local top here, or maybe there’s a reason for that because the price went up so fast,” Chadz told Cointelegraph. Cheds holds CMT Level 1 certification, which indicates a certain competence in technical analysis.

Bitcoin reached its highest level in 2017 at $ 1,982 in December 2020. Bitcoin rose to $ 41,981 in January 2021, according to TradingView. After a short withdrawal on February 11th, Bitcoin’s price reached $ 48,911.

“In my opinion, the bulls are still completely in control of the market, and every day we receive more news about institutional acceptance and demand, most of all it will be the driving force,” said Chadz. The crypto space is at the heart of a wave of big players investing in Bitcoin. In addition to Tesla, MicroStrategy has invested more than $ 1 billion in BTC, while a number of other players have invested various, albeit smaller, amounts of capital in digital assets.

“If you think the bitcoin price will go down due to the Canadian ETF or Chinese New Year, you are looking for an excuse to sell anyway,” said Chad. Canada recently gave the green light to the Bitcoin Exchange (ETF).

“Yesterday we saw the end of another record high for Bitcoin in broad daylight, at around $ 49,000,” cryptocurrency trader and Twitter analyst CryptoWendyO told Cointelegraph. She added, “However, we are currently trying to kiss 50 thousand dollars,” adding:

“$ 50,000 is inevitable, but I’ll be wary of the $ 44.7 range when we go this weekend – unless we get a #bitcoin tweet from Elon, in which case I’ll be looking for $ 54,000.”
Tesla CEO Elon Musk has tweeted multiple times about the cryptocurrency in recent days, focusing on Dogecoin (DOGE).

Source: CoinTelegraph