Bitcoin (BTC) holdings of Elon Musk’s Tesla, according to Arkham, is one of the largest among holders with a value of over $770 million. Tesla recently caused a sensation in the market by transferring all its shares from the public wallet through several transactions.
Market participants have been concerned about the movement of Tesla’s BTC, with some speculating that the company may sell before its quarterly earnings report on Wednesday. According to a recent post by Arkham, the company may have been rotating wallets while still holding onto these coins.
Did Tesla’s actions harm the price of Bitcoin?
Source: Fortune
Tesla’s BTC movement coincided with the asset’s price dropping above $67,000. BTC briefly surged above $69,000, but the price did not hold. The drop could be attributed to market participants growing weary of Tesla transferring its entire BTC holdings.
The drop could also be due to the upcoming US presidential election. Cryptocurrencies and stock markets may experience some volatility in the coming days.
Will the asset price recover?
Many analysts expect a post-election market rebound. Standard Chartered Bank predicts that if Donald Trump becomes the champion, Bitcoin (BTC) will surpass $125,000. Reaching $125,000 from the current price level would result in an approximately 86.4% rebound.
CoinCodex analysts also paint a bullish picture for BTC. The platform predicts that the asset will reach new all-time highs later this month and eventually break the $90,000 level in November. CoinCodex forecasts a trading price of $91,764 for BTC on November 21, 2024. Reaching $91,764 from the current price level would translate to approximately a 36.8% rebound.
Source: CoinCodex
With the approaching 2024 presidential election on November 5, BTC may face adjustments in the coming days. Despite potential market fluctuations, some analysts remain optimistic about BTC’s performance in the coming months.
