Can Bitcoin Breach $50,000 With The Recent Tesla Transaction?
Last January, we’ve projected where Bitcoin will probably hit this quarter and it comes to a surprise that it has broken $40,000 this week.
In case you missed the memo, Tesla recently reported that they bought $1.5 billion worth of Bitcoin and they are going to accept this as a new mode of payment.
Popular analysts over at Twitter are now also noticing that they’re having a hard time getting a read from Elon Musk and Tesla in general.
Bitcoin up 20% since Tesla invests $1.5 bil – so they’re up $300 mil. Which they will have to account for. I can hear the groans from analysts trying to model tesla now. LOL. $tsla
— Ross Gerber (@GerberKawasaki) February 8, 2021
We’ll take a look at the current state of Bitcoin this week as well as other altcoins that might be worth looking at.
Is This A Fifth Wave Or An Ongoing Extended Third Wave?
Because of these crypto developments this month that actually started from the popular meme Dogecoin that Elon Musk kept tweeting about in the past couple of days, we might see the majority of market participants become euphoric.
Here is the recent status of our $50,000 Bitcoin price target projection as of this writing. As you can see, the price has now breached the 141.4% Fibonacci level.
Since $50,000 is what most traders and analysts are looking at right now, it is likely possible that there will be heavy selling pressure near that area. But since Tesla’s involvement with investing into Bitcoin, there’s a high chance that other major companies might follow suit.
If the hype continues to be euphoric for the rest of the quarter, we might even see it to go beyond $50,000 levels and proceed to our Lazy Wave 3 area which is at 196% and 216.18% of this box retracement.
However, we also see an alternate plot if we are to look at its recent Elliott Wave move from this Daily timeframe perspective.
Since Bitcoin is so expensive and most people might get sucked in the FOMO race, we’ve decided to look at other altcoins that’s potentially worth looking at.
What Altcoins Are We Currently Watching?
Just a quick disclaimer (even if we already placed one at the end of the blog): this isn’t investment advice so treat everything you read here as a grain of salt.
Apparently memes are now valuable to the majority of the investing public ever since r/wallstreetbets blew up because of the GameStop fiasco.
This week, $DOGE has managed to maintain above $0.08 and we might see it hit $0.10 sooner than we think.
But judging from this 15-min timeframe plot, we’re seeing it can rise beyond $0.10 levels if you’ve been using our Lazy Elliott Wave Theory approach.
Often dubbed as the “silver” to Bitcoin’s gold, we’ve observed that it’s doing pretty well when it comes to maintaining its new $150 support level.
Currently we are looking at if $160-170 range can hold out and we’re expecting a big move for the next couple of days (or hours).
This altcoin has been one of our most underrated picks considering that Justin Sun, the founder of TRON is also part of the WSB hype train.
In total, for #wallstreetbets holdings, we bought $GME 31900 with average price 313.9 cost 10013410 USD. $AMC 64700 with price 15.45 cost 999615 USD. $SLV 36300 with price 27.49 cost 997887 USD. Ready to moon 🌗 4 billion Asian community & 20 mil #TRON community is here! pic.twitter.com/Rt3aWAsCXP
— Justin Sun🌞 (@justinsuntron) February 1, 2021
As far as upsides are concerned, both are good in short and long term projections. Just manage your expectations (and greed) wisely.
We’ll leave it up to you to measure the “long term projection” once 0.10 levels break because let’s just say it’s higher than Dogecoin’s projection if you suddenly decided to FOMO on this coin.
And now we continue to watch the crypto markets if the recent move from Elon Musk and Tesla will influence other big companies to follow their lead.