A number of bitcoin analysts are calling for the price to push to $70,000 following yesterday’s announcement by Tesla to purchase $1.5 billion in BTC.
In an announcement made February 8, Elon Musk’s electric car company Tesla revealed an investment of $1.5 billion into bitcoin, in addition to claiming that BTC would be accepted for the purchase of vehicles in the near future.
Popular crypto analyst Cheds took to Twitter following Tesla’s announcement, with a prediction that bitcoin could reach $70k before the current bull rally cooled off. Cheds cited market indicators such as the Relative Strength Indicator (RSI), which have historically led to a 70% or higher price movement for bitcoin.
The analyst expects the price bump to happen within the next three to four weeks.
Bloomberg senior commodity strategist Mike McGlone likewise indicated the price could climb to $50,000 in the short-term, with $100k in reach if other companies follow Tesla’s lead.
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