Elon Musk’s Tesla is one of the largest Bitcoin (BTC) holders. According to Arkham, the company owns more than $770 million worth of coins. Tesla recently moved all of its holdings from its public wallet via several transactions, causing a stir in the market.
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Market participants may have been worried about Tesla’s BTC movements, with some believing that the company would sell ahead of its quarterly earnings report on Wednesday. According to a recent X post by Arkham, the company may have been rotating its wallets, and the firm still owns the coins.
Did The Movements by Elon Musk’s Tesla Hurt Bitcoin’s Price?
Source: Fortune
Tesla’s BTC movements coincided with the asset’s price dipping to over $67,000. BTC briefly climbed to over $69,000, but prices did not hold. The dip could be due to market participants becoming weary about Tesla moving its entire BTC holding.
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The dip could also be due to the US elections being right around the corner. The crypto and stock market could experience some volatility over the next few days.
Will The Asset’s Price Recover?
Many analysts anticipate a market rally after the elections. Standard Chartered anticipates Bitcoin (BTC) to go over $125,000 if Donald Trump emerges as the champion. Hitting $125,000 from current price levels will result in a rally of about 86.4%.
CoinCodex analysts also paint a bullish picture for BTC. The platform anticipates the asset hitting a new all-time high later this month and eventually breaching the $90,000 level in November. CoinCodex predicts BTC will trade at $91,764 on Nov. 21, 2024. Hitting $91,764 from current price levels will translate to a rally of about 36.8%.
Source: CoinCodex
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There is also a possibility that BTC will face a correction over the next few days as we approach the Presidential elections on Nov. 5, 2024. Despite the probability of some market volatility, several analysts are bullish on BTC’s performance over the next few months.
