According to traders, Bitcoin is working well with no indication that it will stop. This week, after reports, Tesla bought $1.5 billion worth of Bitcoin and the asset rose high to nearly touch the $50k figure in the last 24 hours. Although Bitcoin (BTC) has risen over a previous couple of months to more than 100 percent since its peak of about $20,000, crypto analyst and Twitter trader Cheds still claims that the scene is bullish.
Cheds said in a statement to Cointelegraph that he thinks many people are looking here for a local top, maybe because the price has risen so quickly. Cheds is accredited to CMT level I, which demonstrates a certain level of technical research expertise.
Furthermore, in December 2020, Bitcoin broke its $19,892 all-time high of 2017. In January 2021, based on Trading View results, BTC increased to $41,981. Bitcoin reached $48,911 on the 11th of February after a quick pullback.
“In my view, bulls are still under full control, and we get more news every day about institutional adoption and demand, with a driving force above all,” said Cheds. The crypto space is among a surge of large Bitcoin-assigning mainstream players. MicroStrategy has invested more than $1 billion in BTC apart from Tesla, and many other players have invested with smaller amounts of capital in this digital asset.
While explaining his point of view further, Cheds said that if you think that the price of the BTC is going to drop due to Canada’s ETF or a new year from China, you’re only looking for an excuse to sell anyway.
Another cryptocurrency trader and analyst CryptoWendyO said in a tweet, “we saw another All-time High Bitcoin Candle yesterday close to $49K. We are currently battling some bit to kiss $50K,” she said by adding: “We are still struggling a little.
She further said that $50K is unavoidable, but I’d be careful about the $44.7 area while we are in the weekend – unless I get Elon’s #Bitcoin tweet, and I would be looking at $54K.
Besides, Elon Musk, CEO of Tesla, has regularly tweeted cryptography in recent days, paying particular attention to Dogecoin (DOGE).