The quotes of the main cryptocurrency are still very low relative to their absolute highs. The fundamental background for bitcoin remains very negative. However, Elon Musk has become more active recently, who changes his opinion about bitcoin more often. Recall that at the beginning of the year, his company Tesla announced investments in bitcoin for $ 1.5 billion. Then Tesla added the ability to buy its electric cars for bitcoins. And a month later, they canceled this opportunity, and Elon Musk began to criticize the main cryptocurrency. According to him, bitcoin is too non-energy efficient. A huge number of coins are mined using non-renewable energy sources. In general, bitcoin is too harmful to the environment. However, this week, Musk said that his Tesla is again considering paying for electric cars for cryptocurrency, and it became known yesterday that his company, SpaceX, also invested in cryptocurrency. However, the head of Tesla did not say anything about the size of the investment. Thus, the markets once again found themselves in a difficult situation.
On the one hand, Musk has been accused of market manipulation many times. At the same time, both stock and cryptocurrency. He also changes his rhetoric about bitcoin too often. On the other hand, if such an influential business person says that his two main companies own cryptocurrency, like himself, then he expects its growth and believes that digital assets are the future. Thus, bitcoin began to grow again, having received quite unexpected support. Another question is, how long will this growth continue? Recall that the vast majority of experts believe that in the coming months and until the end of 2021, "digital gold" will become cheaper. However, we should pay tribute to the fact that Musk once again managed to force investors and traders to buy "bitcoin."
As for us, we continue to believe that bitcoin will continue to decline further. There is too much talking against it now. China's actions against miners will be "exposed" to the cryptocurrency market until the end of the year, until all repressed businessmen place and launch their equipment in other countries. The market is also waiting for news from the United States, where the authorities also want to tighten the cryptocurrency segment's regulation seriously. And in any case, it is unlikely that bitcoin will add $ 10,000 to one statement by Musk about SpaceX investments. Most likely, in the coming days, the growth will be replaced by a new fall. However, no one forbids Musk to distribute comments at least every day.
In technical terms, bitcoin worked out the level of $ 29,700 but failed to overcome it. Thus, a round of upward correction has now begun, which may end in the near future. There is practically no fundamental support for bitcoin now, so we expect a resumption of the fall in quotations and the return of BTC to the level of $ 29,700. We also hope that this level will be overcome, and the main cryptocurrency will continue its decline to the level of $ 24,000.
The material has been provided by InstaForex Company - www.instaforex.com