Not Even Elon

On February 8, Elon Musk announced his purchase of Bitcoin. He did this a short week after teasing us with a tweet about how much he likes crypto-currencies. As a result of his announcement, Bitcoin went from less than $40,000 to more than $45,000. That's an increase of about 20%, and it continued up for another twelve days to peak out at $58,000. Then it dropped down to $45,000 before it once again was pumped, reaching its latest all time high of about $62,000 on March 13. However, the trend has since reversed. Bitcoin is back below $55,000, and search interest is waning.

This reversal must have caught Musk's attention. Eager to pump Bitcoin back up to new highs, he announced that Tesla will take Bitcoin as payment for its cars. However, the effect of this announcement didn't have nearly the same impact as the one made on February 8. After an initial pop higher, Bitcoin faded back to unchanged for the day. What was meant to boost Bitcoin turned out to be a dud, and hence another bad omen. If not even Elon manages to push Bitcoin higher, what chances are there for another all time high in the near future?

For those gambling on Bitcoin, the odds for another all time high has just ticked a notch lower.

Elon Musk

By Duncan.Hull - Own work, CC BY-SA 4.0, Link