Thanks to HODL’s impressive behavior, Bitcoin (during the current cycle) should have no problem reaching $ 100,000. And most importantly – Musk said it, now Tesla cars for BTC!
Tesla cars for BTC – The Muska company focused on HODL
Referring to the Decentrader report in the Cointelegraph newsletter, analysts (including Filbfilb, a Cointelegraph Markets employee) tried to deny the dissertation that the BTC bull run is starting to decrease. Behind their optimism is data showing that more and more HODL investors are using BTC. Given the popular “HODL Wave” indicator, it can be seen that there is less willingness to sell Bitcoin in a short time at a certain price, which provides a solid basis for further growth.
The annual “HODL wave” suggests that Bitcoin should easily reach $ 100,000 in the current cycle. The larger the amount of Bitcoin stored for a year or more, the less liquid the supply or potential sales pressure will be. If 50% or more of BTC is HODL, the bull market usually remains more stable. Below 50% is worrying.
– ends Decentrader
Referring to the 2017 bull run, Cointelegraph noted that those who bought BTC largely maintained their position despite making significant profits.
Block the supply of Bitcoin
As reported by Cointelegraph, about 36% of the current BTC consists of “younger” coins that have changed address in the last six months. Equity data strengthens investors’ pro-HODL attitude. Overall, funds decrease when BTC / USD reaches ATH.
Even miners seem to be increasingly interested in keeping their BTC rewards alive. We can see this in the data from the Glassnode analysis service, which shows the monthly change in the miners’ net positions to positive. Michael Saylor, CEO of MicroStrategy, described their behavior as “rational”.
Elon Musk is responsible for Tesla’s train to cryptocurrencies
Elon Musk, Tesla’s CEO, favors the lively mood. On Wednesday, he announced on his official Twitter account that Tesla would offer its products in exchange for Bitcoin. In addition, it will not convert them to traditional currencies. The only problem right now is that only people living in the United States are allowed to do so. But buyers from other countries are expected to have the option later this year.
Tesla uses only internal and open source software and operates Bitcoin nodes directly.
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
– Elon Musk (@elonmusk) March 24, 2021
According to Bitcointreasuries.org, Tesla currently owns approximately 48,000 BTC, a number that is likely to increase when the first customers engage in Tesla’s services.
Remember, Elon Musk has been supporting cryptocurrency madness for a long time. In addition to activities in the business world, the entrepreneur also mentions Bitcoin and DOGE on Twitter. These moments often affect the price of cryptocurrencies. Last time Elon Musk changed his description of the Twitter account to “Bitcoin”, the price of the most popular cryptocurrency rose by more than 20% in just 24 hours.
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But that’s nothing compared to his series of DogeCoin posts. Musk not only jokingly praised the meme cryptocurrency, but also contributed to the price increase by several percent. Everything coincided with the scandal r / wallstreetbets. As a result, DOGE increased by as much as 500% in a very short time. The billionaire’s activity and activities were noticed by the American SEC, which is reportedly investigating whether there has been illegal manipulation of the market in this regard.
