Home Price Analysis Bitcoin Rally from $30k after Elon Musk's Comments, will BTC/USD bulls overcome...

Bitcoin Rally from $30k after Elon Musk’s Comments, will BTC/USD bulls overcome $36k?


The Bitcoin Conference, graced by Elon Musk, a vocal and sometimes controversial billionaire and chair of the Tesla Board, was meant to “demystify, de-stigmatize, and correct the mainstream narrative for Bitcoin and cryptocurrency.”

The Bitcoin Conference

The conference was also to promote the global use and acceptance of the world’s most valuable coin.

Overall, there were critical market-moving comments, especially from Elon Musk.

Earlier, the billionaire said Tesla, the world’s most valuable automobile maker, wouldn’t accept BTC as payment because of environmental issues arising from the network’s excessive use of electricity.

However, during the conference, he said they would open up accepting Bitcoin in the future, especially now that miners are more reliant on renewable energy.

The crackdown in China has accelerated this shift. New installations often consider the availability of cheap renewable energy, going a long way in making Bitcoin environmentally friendly.

Tesla and SpaceX own Bitcoin

According to Elon, Tesla and SpaceX are owners of Bitcoin. On his end, Bitcoin, DOGE, and ETH are some of his holdings.

Despite market volatility, he revealed that he wouldn’t be liquidating but holding the coin for the long term.

The exact amount held by SpaceX in USD terms of BTC is unknown as of writing. However, it could be made public later, being a public company compliant with the SEC rules.

Bitcoin for World Peace

Meanwhile, Jack Dorsey of Twitter said he would want Bitcoin to promote global peace.

The CFO of Twitter earlier said, if need be and subject to approval, they could pay their suppliers and willing employees in Bitcoin.

Bitcoin Price Analysis

Bitcoin Price Daily Chart for July 23

The Bitcoin price is reversing after sinking below $30k earlier this week.

Overly, buyers are in charge, but prices are still trending inside a descending channel.

At present, there is a double bar bullish reversal pattern confirmed on July 22 since prices didn’t dip to within July 21 trade range.

Ideally, every low in the days ahead could offer a loading opportunity for risk-on traders aiming for $36k.

A high-volume close above $36k cementing buyers of July 22 would open doors for Bitcoin buyers to possibly retest and overcome $42k in a buy trend continuation pattern.

On the flip side, an unexpected dump below $30k and July 22 lows would quash buyers, possibly cause BTC/USD to dump towards $20k.

Charts Courtesy of Trading View

Disclaimer: Views expressed are those of the Trader. Do your Research.

If you found this article interesting, here you can find more  Bitcoin news

Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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