Bitcoin surged over the weekend, trading at a crucial level for the first time since May this year. The spike comes after endorsements from Tesla boss, Elon Musk and Ark Investment Management LLC’s Cathie Wood helped boost the crypto’s momentum.
The world’s largest cryptocurrency, according to a Bloomberg report, rose above its 50-day moving average on Saturday for the first time since May 12, 2021. It rose again on Sunday for its 5th consecutive day, hitting as high as $34,609.
Earlier last week, Bitcoin fell below $30,000, a level strategists flagged as potentially spurring further drops.
However, it rose again when Elon Musk–at “The B Wood” conference on Wednesday–said he wants Bitcoin to succeed and that his company SpaceX accepts Bitcoin. Ark’s Cathie Wood also urged corporations to consider adding the crypto to their balance sheets, while Square Inc. CEO Jace Dorsey said the crypto is resilient.
Bitcoin, analysts say, is poised to head towards the upper end of the $30,000 to $40,000 range, facing very little resistance between these levels.
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This is not the first time high-profile execs are influencing the price of Bitcoin and other cryptocurrencies. A tweet from Elon Musk in May sent prices of the coin crashing though another from the Tesla boss in June, boosted the crypto.
As history has shown, comments from celebrities have a way of influencing the market and changing momentum for cryptocurrencies. Should such positive comments continue, Bitcoin could rise even more and hit better levels.
