Elon Musk provided support to Bitcoin, but only temporarily - Kakiforex.com - Financial Market Media No. 1 in the World Elon Musk provided support to Bitcoin, but only temporarily Elon Musk provided support to Bitcoin, but only temporarily
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July 24, 2021

Elon Musk provided support to Bitcoin, but only temporarily

 The quotes of the main cryptocurrency failed to overcome the level of $29,700, which is why there was a rollback upward. The entire crypto community believes that bitcoin was supported by Elon Musk, who said that Tesla may return to selling cars using bitcoins in the future. However, in recent months, the cryptocurrency market has reacted very poorly to the statements of Elon Musk. It should also be noted that Musk has been repeatedly accused of manipulating the markets. Tesla may soon pay a $2 billion fine for buying out another company of Musk, but at the same time unprofitable. Therefore, many believe that Musk put pressure on the Tesla board of directors and simply bought out his own company so that it would not go bankrupt. Anyway, this is not the first "trick" from Elon, so investors and traders are just used to being wary of any statements by Musk. What is the point of the fact that Tesla can reintroduce the ability to buy electric cars for bitcoin, if it can easily and simply cancel its own decision in a month? Thus, we believe that the words of the CEO of Tesla could not have any impact on the market. It is likely that the cryptocurrency just bounced off the important level of $29,700. Take a look at the illustration! This level was just perfectly worked out. In general, the fundamental background for bitcoin remains extremely weak.


The absolute majority of experts believe that bitcoin is almost guaranteed to fall again. At this time, large managers and investors predict the figures $10,000, $15,000 and $24,000 as targets. Also, most experts believe that already in 2022, bitcoin can begin to form another bullish trend, since it is by the beginning of 2022 that all the expelled Chinese miners are expected to find new sites for their equipment and launch it. Of course, the return of miners to business does not mean that bitcoin will immediately return to the highs of 2021. Nevertheless, a new bullish trend may indeed begin to form. However, bear in mind that a portion of the negative for bitcoin can be thrown up by the states, where recently rumors about tightening the regulation of the cryptocurrency sphere have also been actively exaggerated. Thus, in the coming months, bitcoin may receive one more disappointing setback. Accordingly, the short-term forecast is a further decline, and the long-term forecast is a systematic recovery.


Technically, bitcoin has worked out the level of $29,700. However, it failed to overcome the said level. Thus, a round of upward correction has now begun, which can end very quickly, near the critical line, where the price has already rested at this time. There is no fundamental support for bitcoin right now, so we expect a resumption of the fall in quotes and the return of BTC to the level of $29,700. We also expect that this level will be overcome, and the main cryptocurrency will continue its decline to the level of $24,000, at least.