Cryptocurrency

Bitcoin

April

Elon Musk

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Cryptocurrency trader and analyst Ali (he goes by as @ali_charts on social media) published a post on Twitter/X about massive inflows of cash into the two leaders of the cryptocurrency market – <a href="https://u.today/crucial-bitcoin-btc-message-issued-by-samson-mow" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum.
What is notable about this is that these tens of billions of US dollars' influx into BTC and ETH took place within a single day.
A similar funds inflow into these coins was noticed three years ago, Ali stated, and it was followed by Bitcoin soaring to an all-time high.
<h2 id="bitcoin-targeting-65-000-ali-contemplates">"Bitcoin targeting $65,000?" Ali contemplates</h2>
Ali wrote that today, a mind-blowing $19.7 billion are flowing into Bitcoin and Ethereum. He explained his excitement by saying that approximately the same funds influx into these major coins was noticed in December 2020. After that, in April 2021, Bitcoin managed to top the $65,000 level. The second all-time high for BTC followed in October, when Bitcoin reached $69,000.
<blockquote>
 Over $19.7 billion are flowing into <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> today! This is around the same capital inflow we saw back in December 2020 before <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> surged from $18,000 to $65,000! <a href="https://t.co/pBALVN0C2c" rel="noopener noreferrer nofollow">pic.twitter.com/pBALVN0C2c</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1735208410612740377?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 14, 2023</a>
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This record surge has not been beaten yet, but Ali seems to be hinting that this may happen in the near future, if history repeats itself.
<h2 id="here-s-what-really-pushed-bitcoin-to-65-000">Here’s what really pushed Bitcoin to $65,000</h2>
The main cause of Bitcoin jumping to $65,000 and the massive inflows of capital into it are likely to be explained by the fact that in February 2021, <a href="https://u.today/elon-musks-tesla-sold-bitcoin-one-year-ago-community-wonders-if-repurchase-coming" rel="noopener noreferrer nofollow">Tesla CEO Elon Musk</a> announced that his e-car-making company purchased Bitcoin, spending a whopping $1.5 billion on it and putting BTC on its balance sheet.
An announcement soon followed that Tesla was to start accepting Bitcoin payments for its electric automobiles. On Feb. 18, the Bitcoin price skyrocketed slightly above $52,000 and then on April 15, it smashed the astounding $65,000 level.
However, a negative event for Bitcoin also happened in April – Elon Musk reversed Tesla’s position and Bitcoin was no longer accepted as Musk raised controversial environmental concerns over Bitcoin's proof-of-work mining algorithm. However, Tesla continued to hold the BTC on its balance sheet.
By now, according to recent data, Tesla has sold all of its Bitcoin <a href="https://www.coindesk.com/business/2023/10/19/tesla-keeps-bitcoin-stash-steady-at-275m-in-q3/" rel="noopener noreferrer nofollow">except 9,720 BTC</a>. This Bitcoin chunk is evaluated at $417,230,028 at the time of this writing.
The flagship cryptocurrency is <a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">exchanging hands at $42.973</a> after staging a 5.16% increase from $40,865 overnight.

Bitcoin (BTC) Readies to Recover $65,000, Here's Key Sign Shared by Analyst

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