Bitcoin Crypto News: Elon Musk Tweet Calls for New $69,000 BTC High

Elon Musk is apparently very happy with the way the crypto market has been behaving recently. The business magnate, a vocal digital currency bull, is taking to Twitter once again to voice his support for the recent growth in Bitcoin (CCC:BTC-USD) prices. Musk appears to be unsatisfied still, though; he’s calling for a new all-time high for Bitcoin the only way he knows how — with memes. The Bitcoin crypto news is doing well to push investors toward the coin this morning.

Piles of gold Bitcoin tokens stacked together.
Source: kitti Suwanekkasit / Shutterstock.com

Musk’s Twitter doesn’t exactly look like what you’d expect from one of the world’s most elite businessmen. His timeline is chock-full of memes and esoteric references, with the occasional update about things going on at Tesla (NASDAQ:TSLA) or SpaceX. It’s also the place he goes to air his support for cryptos.

It’s been proven before that Musk’s tweets actually do have an effect on the crypto economy. In fact, Musk was one of the driving factors behind Bitcoin’s crash early in the summer; Tesla allowed and then promptly reneged on BTC payments for cars, sending values plummeting. He has also inadvertently spawned a slew of meme tokens, with developers minting new tokens with names unique to Musk, like Floki Inu (CCC:FLOKI-USD), whose name references Musk’s new puppy.

Bitcoin Crypto News: Musk Tweets a Bitcoin Meme, Prompting Huge Wave of Buyers

Elon Musk is keeping Bitcoin crypto news at the top of everybody’s radar; his newest tweet is promoting a new all-time high for Bitcoin. After surpassing its previous all-time high this week, Bitcoin prices surged to nearly $67,000 before backing off to $65,000.

With the post, published last night, Elon Musk is gunning for a price target of $69,000. The tweet bears the image of two people embracing one another while looking at a chart for Bitcoin, which appears to have reached the record high value.

It’s an odd tweet for somebody to demonstrate their bearishness on a currency; but given Musk’s previous tweets promoting digital currencies, it’s not out of his norm. In fact, it’s proving to be a very effective tweet, especially as investors descend on exchanges today in search of BTC holdings. Bitcoin trading volume is up nearly 40% as buyers appear to be investing in the price lull.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/10/bitcoin-crypto-news-elon-musk-tweet-calls-for-new-69000-btc-high/.

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