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Tesla's Bitcoin Moves and Musk's Potential Strategy

Mary-Kate Olsen

Oct 17, 2024 am 07:14 AM

bitcoin Speculation Tesla

Tesla's latest Bitcoin moves have reignited discussions about Elon Musk's substantial cryptocurrency holdings.

Tesla's Bitcoin Moves and Musk's Potential Strategy

Electric car maker Tesla has moved $760 million worth of Bitcoin to new wallets on October 15, 2024, a routine internal transaction that has sparked speculation among cryptocurrency enthusiasts.

However, Bitcoin advocate Pierre Rochard suggested that Tesla CEO Elon Musk might be preparing to use the Bitcoin as collateral.

With Tesla continuing its involvement in the crypto sector, Musk’s strategy could significantly impact the market’s dynamics.

Bitcoin advocate Pierre Rochard has speculated that Elon Musk might be preparing to use Tesla’s Bitcoin holdings as collateral. This comes as Tesla recently transferred $760 million in Bitcoin to new wallets.

While some see this as a routine internal transaction, it has left analysts and investors wondering about the company’s next move and how it will affect Bitcoin.

Musk, known for his influence in the crypto market, could be planning to secure loans against Tesla’s Bitcoin holdings, signaling confidence in the asset’s long-term value.

However, if Bitcoin’s price drops significantly, it raises concerns about the risk of the asset being liquidated to cover the loans.

On a related note, Cantor Fitzgerald’s Chairman Howard Lutnick is setting up a Bitcoin leverage platform with $2 billion in initial financing.

The platform will provide liquidity for Bitcoin holders, a strategy that could potentially align with Musk’s rumored collateral use.

Lutnick’s financial firm is known for its influence, and his plans to launch the Bitcoin leverage platform could amplify institutional participation in Bitcoin, leading to further integration into the mainstream market.

Moreover, Lutnick’s public endorsement of Donald Trump for the 2024 presidential election adds another layer of interest.

With U.S. elections around the corner, the future of crypto regulations is a topic of great importance to the industry.

If Trump wins and follows through on his crypto-friendly promises, we could see further support for institutional Bitcoin adoptions and movements in the market.

BTC Price Shrugs Off Tesla Move

Bitcoin price had zero f**ks to give to the Tesla news, breaking above $68,000 for the first time since late July 2024.

Though the token failed to hold above the price mark, the move above the $68,000 would likely infuse confidence in the BTC USD pair.

If the BTC price continues, the token could soon target the resistance at around $73,000. Breaking above the immediate resistance could help the BTC USD pair reach a new ATH at around $80,800 before retreating.

However, Bitcoin’s relative strength index is on the brink of becoming overbought, though it remains neutral with a score of 67.17 on the daily charts.

An overbought RSI often precedes a trend reversal for a token, which could prompt traders to start selling.

Hence, if BTC price rally reverses course, the token could drop to the support level near $63,270. Moreover, if Bitcoin price does not rebound off the immediate support, the token could likely end up testing the support near $57,900.

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