The bulls might gradually be displacing the bears as flagship cryptocurrency, Bitcoin, draws near to $34k. After attaining an-hour high of $33,944, its price retraced briefly and is currently trading within the $33,725 price mark, as of press time. As of Friday, the crypto asset was trading at $32,700 before surging to $33,919 within the early hours of Saturday.
Bitcoin fell to $29k at the start of the week, shortly after Grayscale Bitcoin Trust unlocking took place the previous day, fueling speculations of a selling pressure. Into the week, it showed prospects following Elon Musk’s positive comments on Bitcoin at the B-word July Conference, validating his influence on the crypto asset. The conference featured Twitter and Square founder, Jack Dorsey alongside ARK CEO, Cathie Wood, who are both Bitcoin proponents.
BTC/Tether (USDT) Image Source: TradingView
Elon Musk Says Tesla Not Selling Off Bitcoin Holding
While speaking at the Conference, Elon Musk declared that his Bitcoin stash was still intact, including Tesla’s and neither of them would sell off. He also noted that he equally had substantial holdings of Ethereum and his favorite meme token, Dogecoin. A major highlight of the conference was his comments on a Bitcoin payments resumption being in the picture for Tesla after a tragic announcement back in May discontinuing acceptance.
Elon Musk’s hint at the reinstatement comes several weeks after the Bitcoin Mining Council (BMC) reported that clean energy Bitcoin mining was now measured at 56%. After several attempts to draw his attention to the BMC’s report, his comment at the conference is to assure Bitcoin proponents of Tesla’s promise of a reconsideration. After the tragic announcement in May, he had posted a tweet citing the condition under which Tesla would resume Bitcoin payment- clean energy mining above 50%.
CryptoQuant Says Bitcoin in Bull Market
This is one of those instances where Elon Musk’s influence on Bitcoin was indicated via tweets. His tweets since the start of the year have contributed to either the fall or rise of the crypto asset. Elon Musk also exerts influence on Dogecoin and was responsible for its bull run to the all-time high of 0.731 before the downturn in late May.
Meanwhile, crypto data provider CryptoQuant revealed that Bitcoin remains in the bull market. Perhaps this close-of-the-week upward ride may be the start of the much-anticipated bull trend. As of now, Bitcoin is still trading over 50% below its $65k ATH in Q2.
As more institutional investors stack Bitcoin, the crypto community can buckle its belt for a meteoric hike for the remainder of the year, which may likely see it climb to $100k price mark. On the contrary, a bearish event similar to China’s mining ban may take the wind out of the sails of the supposed bull run. Whatever will happen, the coming months will definitely reveal.