Bitcoin was worth over $ 39,000 for the first time in 6 weeks – and that’s why

What’s next with the Bitcoin course? (Photo: rzoze19 / Shutterstock)

For the first time since June, the Bitcoin price has risen to over 39,000 US dollars. There are several reasons for the price explosion – plus 20 percent in seven days. And Elon Musk is one of them.

In the last weeks the Bitcoin exchange rate bobbed at a price of just over 30,000 dollars, even slipped below the psychologically important mark in the meantime. In the night from Sunday to Monday, it suddenly went up by a good $ 5,000. For the first time since mid-June, a Bitcoin was worth more than $ 39,000 – specifically, it was now over $ 39,500. Market observers blame various factors for this.

Elon Musk boosts Bitcoin price

Tesla and SpaceX boss Elon Musk once again proved to be an important course support. During his appearance at the Online conference “The B Word” Musk had once again committed to Bitcoin. Tesla and SpaceX as well as Musk themselves hold Bitcoin and other cryptocurrencies. Nothing about that should change in the near future. And: Should Bitcoin mining be more environmentally friendly in the future, I want it Tesla are accepting the cryptocurrency again as a means of payment. The consequence of the statements: The Bitcoin price climbed a few thousand dollars in the middle of the week.

Speaking of Bitcoin mining: the tough approach taken by the Chinese Authorities against trade and mining had caused the Bitcoin price to collapse in early summer. Since then, however, the miners have made progress in finding a new home for their devices – especially in the USA or Russia. In addition, the message that Amazon is looking for a: n crypto-expert: in should have created a good mood. Behind this is the hope that Amazon will soon accept Bitcoin as a means of payment could.

Bitcoin: Price correction is likely to continue

All’s well that ends well? Probably not (yet). Some investors assume that the price explosion is a so-called short squeeze might have acted like CNBC reports. Accordingly, investors who bet on a further falling Bitcoin price were pushed out of the market and had to liquidate their short positions – and buy more. For some analysts, the signs then point to a further course correction.

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According to chart analyzes, there are more Bitcoin price drops likely. Before another bullish phase, it could go down to $ 20,000 – but of course it doesn’t have to. Vijay Ayyar, manager at the crypto exchange Luno, in turn sees an upside potential in Bitcoin and a price increase above the $ 40,000 mark.

Crypto market grows over 110 billion

In the past few hours, most of the other crypto currencies have also risen sharply in step with Bitcoin. With Ethereum / Ether there was an increase of seven percent to over 2,300 dollars. Cardano / ADA or Dogecoin even posted double-digit increases for the past 24 hours. Overall, the crypomarket has appreciated over $ 110 billion in value in the past 24 hours, data from Coinmarketcap suggests.

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