To say that $BTC had but a rough few days would be an understatement as prices plummet down to numbers that not a lot of people were anticipating it could reach. With Elon Musk's comments affecting the prices of Bitcoin and the confusion that has been circulating about whether or not $BTC is really good, it's anyone's guess where the price of Bitcoin could go.
Elon Musk on Bitcoin
Elon Musk released a tweet saying Tesla would no longer be accepting Bitcoin, according to Car and Driver. Shortly after, a lot of people started selling their $BTC and the prices massively dropped down. Quite surprisingly, after a lot of fuzz surrounding the cryptocurrency, Elon Musk then clarified that they did not actually sell any of their $BTC.
The prices of Bitcoin have been going crazy lately as more people come in while others sell off their currency. The question is, will $BTC be making a comeback and will prices go up or will $BTC be going down even more?
Next Bitcoin Support at $34,276
There are a lot of bold predictions about $BTC with people even indicating that it could go all the way up to $100K. The price, however, has not yet reached that point and has been bearish lately and CoinDesk themselves have released the next support in which if $BTC breaks the current support, it could plummet to this price.
The next $BTC support can reportedly be found at $34,286 which would be a massive drop from the currently already considered "low" price for Bitcoin at $42,000. As of the moment, $BTC is still treading its current support but if it does go lower, $BTC owners might see the prices drop to the $34,276 price point.
Popularity of Cryptocurrency
Despite Bitcoin's massive spike during the earlier parts of the year, the prices have drastically gone down. Cryptocurrency in general has become even more popular with more individuals slowly buying up different kinds of cryptocurrency.
After the whole GameStop fiasco where regular people started making massive amounts of money while hedge funds were reportedly losing large amounts of money, the next big unorthodox financial vessel spotted was cryptocurrency. Although cryptocurrency has been existing for a very long time ever since, it was just recently that cryptocurrency has been accepted more openly.
Read Also: Elon Musk Clarifies Speculation Saying Tesla Sold ZERO of Their Major Cryptocurrency Holding
Elon Musk on Dogecoin
Elon Musk's Tesla previously announced that they would be buying up massive amounts of Bitcoin and since then, a growing number of companies have also announced their involvement in crypto. Elon Musk has been talking openly about cryptocurrency and Bitcoin for quite some time now but one cryptocurrency that has reportedly caught his eye is Dogecoin.
$DOGE has seen massive growth spikes and although some people look at the currency as a pump and dump coin, Elon Musk himself has announced that he will become more involved with the coin. The difference between $DOGE and cryptocurrencies like Bitcoin or Ethereum is that dogecoin doesn't have a market cap.
Related Article: Tesla Stops $BTC Use | Mark Cuban's Mavs Will Continue to Support Crypto Citing 'Shrinking Big Bank' as Beneficial
This article is owned by Tech Times
Written by Urian B.
