- Elon Musk has long teased his interest in Bitcoin, but his advocacy for the cryptocurrency was solidified today when he added #Bitcoin to his Twitter bio
- This change coincided with a massive green candle seen by BTC that sent it rocketing up to highs of nearly $39,000 this morning
- It remains unclear as to whether or not Elon purchased Bitcoin, but it has been speculated that he is the sole reason for the massive pump
- From a technical standpoint, BTC is now looking poised to see further upside, with bears losing all their momentum as the crypto aims for the $40k resistance
Bitcoin and the entire cryptocurrency market have seen an explosive overnight rally, with bulls taking full control of the aggregated market as bears struggle to maintain the traction they had previously gained.
This massive overnight rally seen by the benchmark crypto came about due to Elon Musk changing his Twitter bio to “Bitcoin” and possibly buying a massive amount of spot BTC on the open market.
This possibility remains speculative, however.
One trader is now expecting further upside, pointing to $50,000 as a near-term target.
Bitcoin Rockets Higher as Bulls Slaughter Bears
At the time of writing, Bitcoin is trading up just under 14% at its current price of $38,200, which marks a massive surge from its pre-rally lows of $32,000.
Where the cryptocurrency trends next will undoubtedly depend largely on whether or not BTC can shatter the heavy resistance that sits around $39,000.
Elon Musk’s addition of “#Bitcoin” to his Twitter bio and potential buying activities undoubtedly played a huge role in this rally. Anthony Scaramucci, who runs the $10b fund SkyBridge Capital, also changed his bio to “#Bitcoin.”
Analysts Expect Further Upside as BTC Rally Continues
One analyst noted that this breakout marked a significant technical movement and could open the gates for a move to $50,000.
“Candles like this never get old. I want $50,000…” he said while pointing to the below chart.
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
This rally is a bit different from ones seen in the past because it comes when traditional investors are beginning to see and understand the merits of a free and open financial system – like the one Bitcoin provides.
Combine that with clear buying activity amongst massive investors, and Bitcoin could be well-positioned to see massive upwards expansion in the days and weeks to come.
Featured image from Unsplash. Charts from TradingView.