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‘Bitcoin Price Is Vital to Uphold the Crypto Space’ Claims Elon Musk in an Encoded Tweet

Highlights

    Bitcoin Price rally appears to have slowed down a bit, as the price is attempting very hard to sustain above strong support levels at $45,000

    The rally is expected to hit $100K before the end of 2021, as predicted by one of the popular analysts

    The BTC price needs to hold strong above $44500 levels, else a bearish divergence may outshine the bulls.

Bitcoin, The King of all Coins

The Bitcoin price that received a big Tesla push, coiled up again to form new ATH above $48K within no time in the past working day. However, a bearish divergence was on the way to pull back the price below the strong support levels at $45K.

In a very recent update, Elon Musk believes that Bitcoin is the one coin that rules all other altcoins in the crypto space. He also mentioned sarcastically that dogecoin also requires Bitcoin support to go to new highs. 

Musk, who was a strong dogecoin proponent, first displays Tesla’s Bitcoin holdings and later purchases DOGE and now indicates that both form a good combination for huge profits. Some analysts like Rekt Capital, however, believes that the current drop is not a bear market but a healthy pullback. 

Bitcoin Price to Hit $100K by September 2021

The BTC price was trending in a very narrow trend and attempting very hard to maintian above the $45K levels since the early trading hours. The mention from the world’s richest man pumped the price that gained nearly $800 in less than an hour.

bitcoin price analysis

The BTC price is expected to hit new highs as according to ananlysts PlanB, Bitcoin is back on track to achieve $100K anytime between April and September. On the other hand, as per on-chain data analytics platform, Skew, the maximum chance Bitcoin price rally exceeding $100K is in December 2021, which is just 12%. 

Therefore, the upcoming Bitcoin bull rally would be more interesting to witness as Bitcoin price if sustains from the current levels can jump straight to $52K levels else drop to $40K is imminent.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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