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A number of bitcoin analysts are calling for the price to push to $70,000 following yesterday’s announcement by Tesla to purchase $1.5 billion in BTC.
In an announcement made February 8, Elon Musk’s electric car company Tesla revealed an investment of $1.5 billion into bitcoin, in addition to claiming that BTC would be accepted for the purchase of vehicles in the near future.
The bitcoin bulls came out in force following the announcement, with retail fear of missing out (FOMO) pushing the price of BTC to a new all-time high above $48,000.
Popular crypto analyst Cheds took to Twitter following Tesla’s announcement, with a prediction that bitcoin could reach $70k before the current bull rally cooled off. Cheds cited market indicators such as the Relative Strength Indicator (RSI), which have historically led to a 70% or higher price movement for bitcoin.
The analyst expects the price bump to happen within the next three to four weeks.
Bloomberg senior commodity strategist Mike McGlone likewise indicated the price could climb to $50,000 in the short-term, with $100k in reach if other companies follow Tesla’s lead.
#Tesla May Be Catalyst to Get #Bitcoin Market Cap to $1 Trillion — Tesla's disclosure that it's investing in Bitcoin and accepting the cryptocurrency for payment is a stepping stone similar to onboarding by PayPal in October, which points to about $50,000 as the next resistance pic.twitter.com/qpkHdgQ68I— Mike McGlone (@mikemcglone11) February 8, 2021
Crypto trader and chartist TradingShot echoed the $50k pricepoint for bitcoin, showing that BTC was poised to take off once again.