Co-owner of Gemini Exchange, Tyler Winkevoss, says that Bitcoin prices could shoot past the moon and head to Mars if Elon Musk takes the step to invest institutionally in Bitcoin.
Recently, Elon Musk who is now the world’s second richest man, had responded to a tweet from MicroStrategy’s Michael Saylor. Saylor had requested Elon Musk to convert some of Tesla’s huge balance sheet into Bitcoin and do his investors a $1 trillion favour.
That Musk would even show interest in inquiring about the feasibility of such a transaction is what is exciting market players. Winklevoss, who is a Bitcoin billionaire himself along with his twin brother, thinks a move by Elon Musk into Bitcoin would heat up the already frenzied space that has been set on fire by institutional involvement.
Bitcoin prices are up 2.54% today, helping the BTCUSD pair erase most of Monday’s losses.
Technical Levels to Watch
BTCUSD retested the 23,728.00 resistance level today, but was beat back at that level. This level was the projected price point from the breakout of the ascending triangle. The next target for bulls may be the 26.973.82 price level, which is the 200% Fibonacci extension on the daily chart below.
Downside targets remain at the 21994.62 level (yesterday’s low and 141.4% Fibonacci extension), along with 20,788.06.
BTCUSD Daily Chart