What is Tesla led by Elon Musk doing with Bitcoin

News report:
According to Arkham, Elon Musk’s Tesla is one of the largest holders of Bitcoin (BTC). The company owns coins worth over $770 million. Tesla recently caused a sensation in the market by transferring all its shares from the public wallet through several transactions.
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Market participants have been concerned about the movement of Tesla’s BTC, with some believing that the company will sell before its quarterly earnings report on Wednesday. According to a recent post by Arkham, the company may have been rotating wallets, but it still holds these coins.
Has Tesla’s move affected the price of Bitcoin?


Source: Fortune
Tesla’s BTC movement coincided with the asset’s price falling above $67,000. BTC briefly climbed above $69,000, but the price did not hold. The decline may be due to market participants becoming weary of Tesla’s transfer of its entire BTC holdings.
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The decline may also be due to the upcoming US election. Cryptocurrency and stock markets may experience some volatility in the coming days.
Will the asset price recover?
Many analysts expect a market rebound after the election. Standard Chartered Bank predicts that if Donald Trump becomes the champion, Bitcoin (BTC) will surpass $125,000. Reaching $125,000 from the current price level would result in an approximately 86.4% rebound.
CoinCodex analysts also paint a bullish picture for BTC. The platform predicts that the asset will reach a new all-time high later this month and eventually surpass $90,000 in November. CoinCodex forecasts a trading price of $91,764 for BTC on November 21, 2024. Reaching $91,764 from the current price level would translate to a approximately 36.8% rebound.


Source:
CoinCodex
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As the November 5, 2024 presidential election approaches, BTC may face adjustments in the coming days. Despite potential market volatility, some analysts are optimistic about BTC’s performance in the coming months.