The moon phases seem to indicate when the price of Bitcoin tends to rise, except for the new moon. Musk noted that Tesla could accept Bitcoin payments again if its mining used more clean sources of energy.
The price of Bitcoin has settled back around USD 40,000, indicating that its volatility has returned. The cryptocurrency is currently trading around USD 37,000 and has a market capitalization of more than USD 694 billion.
Although it is too early to say that there is a short-term trend reversal, hope has returned to the market. Bitcoin has yet to break above the USD 41,500 resistance to confirm that the bulls have regained control of the situation.
There must be another factor that has caused the massive liquidation of shorts in the futures market.
Fundamentals emerge to justify the sharp rise in the price of Bitcoin in a matter of minutes. However, some people believe that the full moon may be driving the value of the pioneering cryptocurrency higher.
Bitcoin Price Prediction According to Moon Phases
Moon phases are among the many ingenious explanations of how the price of Bitcoin moves.
Since the beginning of the year, the price of Bitcoin tends to rise every time the moon is full, but not during a new moon. It might be a coincidence, but it is worth considering that data.
In recent days, the start of a full moon coincided with the last bullish rally of Bitcoin.
Elon Musk Says He Wants to See Bitcoin Grow
Tesla’s founder Elon Musk is one of the most influential figures in the world of cryptocurrencies. He frequently posts on Twitter about various digital assets, causing sudden price swings. That leads some to wonder about his true intentions.
However, Musk explained that he is both an investor in cryptocurrencies and their supporter. He recently said that his only relevant investments, aside from the Tesla and SpaceX companies, are Bitcoin, Ethereum, and Dogecoin.
Although he has created confusion, he said that he is a supporter of Bitcoin and cryptocurrencies in general.
His statements and his actions at Tesla have led several leading cryptocurrencies to skyrocket in recent months. In May, Musk said that Tesla would stop accepting Bitcoin as payment due to the alleged environmental harm of its mining. That announcement caused the sharp crash of the pioneering cryptocurrency that major altcoins accompanied.
Musk Believes Bitcoin Is Shifting to Renewable Energy
Musk noted that Tesla seeks to accelerate the advent of sustainable energy. For that reason, he said that his company should do the proper management on the energy use of Bitcoin. The executive believes that the cryptocurrency seems to be shifting much more towards renewable sources of energy.
The businessman said that the company keeps Bitcoin on its ledgers and could accept payments with Bitcoin again. It would do it when Bitcoin mining used more clean energy sources like sun, wind, and water. The community expects him to keep his promise, but he often makes promises that he breaks.
By Alexander Salazar
