Benzinga -
- Elon Musk, once a Bitcoin supporter, sold more than $900 million of Tesla's Bitcoin holdings last year, potentially missing out on an extra $450+ million.
- Bitcoin experienced a 37% surge in January 2023, offering hope for enthusiasts, despite a 16% decline in January 2022 and a 57% plunge by the end of that year.
- As Bitcoin's price edges over $30,000, there's still hope for investors looking to capitalize on its growth, provided that buyers continue to push the price upward.
The lure of Bitcoin (CRYPTO: BTC) taking off like a rocket ship to the moon has fizzled out among investors as the cryptocurrency struggled to regain its footing since hitting an all-time high of $69,000 in November 2021.
Even Elon Musk, once a vocal supporter, lost faith and dumped more than $900 million of Tesla's (NASDAQ: TSLA) Bitcoin stash last year.
It's a bitter pill to swallow, knowing that if they had just held on, they could have been sitting on an extra $450+ million today. Who said flying to the moon was easy?
Bitcoin, the ever-volatile cryptocurrency, has had a wild ride in the past year. January of this year brought some hope for Bitcoin enthusiasts as prices surged by a whopping 37%.
However, things weren't as rosy the year before, with prices taking a nosedive and declining by 16% in January 2022. The end of 2022 brought a turn for the worse, with prices continuing to dip, plummeting another 57%.
Will Bitcoin see brighter days ahead, or will it continue to shake up the world of digital currency?
In a daring move, the coin's value broke free from its $20,000 shackles after months of playing it safe. It charged ahead with gusto, leaving the benchmark round number in its dust.
Since then, its momentum has grown stronger, forging a path forward.
March made quite a splash in the markets, pushing prices up and over the weekly 200 simple moving average. As a result, investors saw a sizable 21% bump up for that month.
It was a strong and promising movement, setting the tone for what could be a fruitful year ahead.
It's been a rollercoaster ride for the price of this asset, but on April 11th, it reached a pivotal moment. It hit the $30,000 level for the first time in almost a year after tumbling down from higher prices.
Yet, since then, the momentum has stalled. The buyers seem hesitant, considering whether the price is too high.
This is a pattern we often see with these psychological price levels - where investors wonder what's the right price for this asset.
It'll be interesting to see where it goes from here - will it surge upwards or fall back down?
As Bitcoin's price inches over the $30,000 mark, the regret surrounding Tesla's sale of its Bitcoin holdings may intensify.
However, there's still hope for those who want to capitalize on the cryptocurrency's growth, so long as the buyers continue to push the price towards new heights.
Bitcoin appears stable and strong, so we will need to see if the buyers will come out on top in this battle.
After the closing bell on Thursday, April 13, Bitcoin closed at $30410.00, trading up by 0.55%.
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