The reasons for the fall of Bitcoin and the immediate prospects for its exchange rate

While many of the exchange players were focused on long-term growth, the rate of the main cryptocurrency Bitcoin fell.

Sometimes it’s simply shocking how easily the powers that be can influence stock exchange rates; just one phrase is enough and the price of an asset will rise or fall within a couple of hours.

This happened this time too, after Elon Musk’s statement that his company would stop selling Tesla electric vehicles for cryptocurrency.

After this, a rapid decline in the price of bitcoin began and, as a result, a decline in the rates of other cryptocurrencies.

As a result, the minimum price of Bitcoin was only $45,890 per unit; this cryptocurrency has not fallen so low since March 2021.

It is clear that such a strong drop was followed by a correction, which gradually turned into an upward trend and now Bitcoin is trading at $51,900:

Our life is full of coincidences; just yesterday I came across a video that in just a couple of months, Elon Musk earned more from the growth of Bitcoin than from selling electric vehicles in the entire 2020. And maybe he should switch to stock speculation.

Indeed, by buying 50,000 bitcoins for $1.5 billion at a price of 30,000 apiece and selling them before the announcement for 2.85 billion, Musk was able to earn about $1.35 billion. It should be noted that only 7,500 bitcoins are officially known to have been sold.

What to expect from the next course

It’s the most thankless thing to try to predict something knowing that someone can so easily play with stock exchange rates:

But we can still assume that the increase in the price of Bitcoin from $46,000 to $51,000 after the fall was caused by another purchase by large market players. It is also quite possible that uncovered sell positions were closed at the minimum. In this case, a couple of hundred million more can be added to the profit received by Musk.

The emerging upward trend is encouraging small investors to buy as well. Most likely, we can expect growth to the level of 54700-55000, after which the price direction will depend on fundamental news that is formed by major market players like Elon Musk.