Bitcoin Traders Expecting BTC to Make Highs Above $40K Level, As Altcoins Show Potentially High Gains

Sahaj  |  Jul 22, 2021

Looking at the BTC/USD chart, it can be seen that the range continues for it, but the conditions suggest the price of Bitcoin may surge to the range of highs above the mark of $40K. After being stable near the level of $32K on July 22, following the excitement in the market over the comments of Elon Musk at the B-Word.

Bitcoin Might Surge Above $40K, Traders Positive Over BTC/USD Chart

As revealed by the leading data aggregators, the price of BTC was ranging between $31,500 and $32,000 overnight on Wednesday following the comments of Elon Musk during a conference panel.

The comments from the CEO of Tesla were majorly positive and less critical as was earlier expected and ultimately, it led to a surge in the price of cryptocurrency above the mark of $32,800.

Michael van de Poppe said:

"If we look at the price action of Bitcoin, we can clearly see and state that we're holding above $31K. If that sustains, and the market grants a higher low, I think we've found a temporary bottom & we'll test $40K."

Elon Musk Reveals His Crypto Holdings

During the B-Word Event, Elon Musk revealed that he has Bitcoin, Ethereum, and Dogecoin in his portfolio. 

In addition to this, he revealed that his owned companies, Tesla and SpaceX owns Bitcoin. 

Elon Musk did not reveal the actual amount that he has invested in cryptocurrencies. Further, he addressed the fact that many mining industries are shifting to renewable energy sources to mine Bitcoin.

Earlier it was not revealed that similar to Tesla, SpaceX has also owned Bitcoin. But now, Elon Musk has confirmed that the space company has also invested in Bitcoin.

Moreover, he revealed that layer 2 implementation will enhance the scalability of the cryptocurrency. Then it will have the potential to become the currency of the world.

Related News