Experts from the Cryptocapital radio show agreed that Tesla’s sale of BTC could be “a market strategy.” Elon Musk could have sold his BTC because he would buy it at a lower price. Despite the latest rises in Bitcoin, the cryptocurrency could drop in price.
In the last gathering of Capital Radio’s Cryptocapital, hosted by Sergio Fernández, (@Sergio_fdez_7), the panel of invited specialists agreed that Bitcoin has improved its prices in the last few days by thousands of dollars; however, they clarified that there will be no permanent bull run, but on the contrary, the price of BTC will continue to fall
In the past few days, the price of Bitcoin (BTC) has fluctuated between $20,800 and $24,000. The cryptocurrency with the largest market capitalization has broken through both short-term and long-term resistance levels and could soon accelerate towards the next closest resistance of $30,000. While it has yet to initiate an upward move, BTC is still holding above the resistance line, according to analysis.
A previous analysis by BeInCrypto explained that the moving average is close to $22,700 and Bitcoin is trying to recover it. In full recovery, the price could go even lower, moreover, in the last few days, BTC has broken out of a descending resistance line that had been in place since the beginning of April and the upward movement continues.
Experts’ Opinions
The host of the Capital Radio program, Sergio Fernández (@Sergio_fdez_7) pointed out that there is a misperception that the crypto market is on the rise.
The panel of specialists held that the sale of Bitcoin by Elon Musk and Tesla had little effect and the good news could be that “there will not be another BTC sell-off like that”, although the macroeconomic outlook remains pessimistic, so it is a matter of time for the leading cryptocurrency to drop back below $20,000.
In this regard, the specialist Balo Investor (@Balo_investor) stated the following:
“The short drop has already happened, coupled with the sale of Elon Musk and 75% of Tesla’s Bitcoin (BTC). It is bad news, although the positive is that the market ate the drop and another sell-off like that will not happen. Positive news begins to emerge. It is a matter of time before we drop below $20,000. At the moment there is no definitive drop, which can give altcoins a break.”
The Sale of BTC by Tesla would confirm that it will go down even more
Following Tesla’s sale of Bitcoin, TRON (TRX) founder Justin Sun argued that Elon Musk’s sale of BTC is “great news” because the market “doesn’t need to worry about those BTC anymore,” coupled with opening the door for more large companies to buy the cryptocurrency in the future.
Among the positive developments that happened in the ecosystem recently was that the Lightning Network, the Layer 2 scalability solution for Bitcoin (BTC), recorded a new all-time high in terms of capacity. Total capacity is currently $4,290BTC, which is up 34.6% since the November market peak.
Finally, the host of Cryptocapital, Sergio Fernández, emphasized that Bitcoin continues to be the strongest cryptocurrency and recalled that a few years ago, BTC was worth only 3,000 dollars and its current average of 20,000 dollars is remarkable, in the midst of a macroeconomic crisis and a bear market
By Audy Castaneda
