Crypto trader and analyst Alex Krüger says that a recent announcement from Tesla CEO Elon Musk could signal a big trend change for Bitcoin.
In a new tweet, Krüger takes a look at the assertion by Musk that the electric carmaker could begin accepting BTC as a means of payment once at least 50% of the energy used in mining Bitcoin is “clean”.
According to Krüger, Musk’s words could be a signal that the trend in BTC is shifting and an indication that the recent price collapse was only temporary.
“In case you’re wondering why so much green in BTC. Massively bullish Elon statement. It states the cause behind much of the drop since May is of ‘transitory’ nature. I’ll be surprised if this is not ‘the’ trend change.”
The crypto analyst adds that other signs pointing to Bitcoin’s price possibly gaining bullish momentum include the announcement by Michael Saylor’s MicroStrategy that it will purchase $500 million worth of BTC.
Other bullish factors according to Krüger include the overly high level of bearishness in the markets as well as the optimism emanating from the Group of Seven (G7) summit.
“Take that together with the upcoming Saylor bid, the positive vibes coming from the G7 over the weekend, and close to max bearishness, and things looking good.”
However, Krüger says the expected shift in trend does not necessarily mean that Bitcoin will surge to a new all-time high (ATH).
“This of course does not mean we are going back to ATHs, but let those who sold think that. Have them FOMO (fear of missing out) back in.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/ktsdesign