Bitcoin (BTC) Tops New All-Time High Above $57,600 After Elon Musk Call It Expensive

Published February 21, 2021 | Updated February 21, 2021

Bitcoin (BTC) Tops New All-Time High Above $57,600 After Elon Musk Call It Expensive

Bitcoin (BTC) bulls don’t seem to give up anytime soon! Today, Bitcoin (BTC) has surged another 3% hitting its new all-time high of $57,681 even after Elon Musk calling its price “high”.  At press time, BTC is trading at $57,402 with a market cap of $1069 trillion.

Elon Musk, however, called BTC price “high” in response to a tweet by Bitcoin-critic Peter Schiff. Schiff has been a long-time critic of Bitcoin while supporting Gold on the other hand. Elon’s tweet referring to Bitcoin (BTC) to be “as bs as fiat” gave Schiff the opportunity to take his Bitcoin (BTC) criticism further. However, the Tesla CEO called out Schiff’s antics by stating that “you might as well hold crypto”.

This is for the second consecutive day that BTC valuations have been trading above $1 trillion. The Tesla CEO recently has been quite vocal about Bitcoin over the last few days. It’s not that Musk has any special affinity towards Bitcoin (BTC), however, he finds Bitcoin much better than fiat and the evaluating dollar at this stage.

But this hasn’t stopped Elon Musk from extending his support to Bitcoin. On Friday, Musk changed his Twitter profile picture showing the Bitcoin image. This helped BTC surged past $56K levels in a few hours post that. Even after Musk calling BTC price “high” it has advanced another $1000 to hit its new all-time high today.

Bitcoin (BTC) Making Its Way to $65,000

Yesterday, at CoinGape, we discussed some of the bullish signals for Bitcoin (BTC) price movement ahead. Some of the key indicators suggest a Bitcoin price rally ahead to $60,000 and above. They are:

  • Dormant coins are on the move as the age of the invested dollars is getting younger.
  • Despite new highs, the net-realized profits for Bitcoin (BTC) have dropped since their peak earlier this week.
  • Bitcoin (BTC) supply at exchanges continues to hit new lows as big players move their holdings to cold storage.

It seems that Bitcoin could gather more steam ahead and make a push above $60K. Popular Bitcoin evangelist and investor Max Keiser has further increased his short-term BTC price target from $65K previously to now above $77K.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar 421 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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