Elon Musk makes the price of Bitcoin go up

Yesterday, once again an initiative by Elon Musk had repercussions on the price of Bitcoin. 

This time the repercussions have been positive

Elon Musk’s initiative: the price of Bitcoin rises

This time what the owner of X had to do was “wear” the “laser eyes”. 

With “occhi laser” we mean a simple photo editing of an image of a face to which two lights are added in the eyes. 

This trivial effect gives the impression that beams of laser light are coming out of the eyes. 

The interesting thing is the meaning that is commonly given to this type of photo editing on social. 

It is in fact a sort of meme born between 2020 and 2021, in the midst of a bull run, to indicate those who believed it possible, if not even desirable, that the price of Bitcoin could exceed $100,000. 

At the time, it didn’t succeed, because in 2021 it stopped at $69,000, and that’s why the laser eyes meme continues to circulate. 

Perhaps the most famous public figure to sport laser eyes, before Elon Musk, was Michael Saylor of MicroStrategy, although even Biden at one point wore them, although probably with a completely different meaning.

The price of Bitcoin

Yesterday, in reality, the price of Bitcoin was slightly declining. 

However, it is necessary to start from Saturday, when with traditional exchanges closed and after several hours of lateralization between $63,000 and $65,000, almost suddenly the price of BTC jumped to $67,000.

It was an unusual leap, difficult to justify. The fact that it happened during the weekend, with the markets closed, suggested that it was an anomaly. 

In fact, yesterday at a certain point, as soon as the news of Joe Biden’s withdrawal from the US presidential race in November spread, the price of BTC quickly dropped, albeit slightly, below $66,000. 

In fact, it had canceled the jump from the previous day, but at that point Elon Musk put on the laser eyes on his X profile and so the price immediately bounced back, briefly rising above $68,000. 

Subsequently, it then slightly decreased, but remaining well above $67,000. 

The impact of Elon Musk on the price of Bitcoin

To tell the truth, there is no certainty that Elon Musk wore laser eyes specifically to promote Bitcoin. 

However, it is practically certain that the owner of X knows very well that laser eyes are worn by those who hope that the price of BTC will rise to 100,000$. 

The last time Musk explicitly mentioned Bitcoin on X was in 2022, and lately, he has preferred not to talk about criptovalute.

It is possible that this has to do with his political commitment to supporting the other candidate in the US presidential elections in November, Donald Trump. 

Trump, on the other hand, has recently mentioned Bitcoin and cryptocurrencies several times, effectively legitimizing them. 

Musk, however, is interacting a lot with the X profile of DogeDesigner, a graphic designer who explicitly supports Dogecoin and most likely collaborates with X. 

The price of Dogecoin

In fact, while the price of BTC has risen by 1% in the last 24 hours, that of DOGE has risen by 6%.

In the last 24 hours, it is the best performance of a top 30 crypto. 

However, this increase brings the price of Dogecoin only to +11% in the last 30 days, and to +55% since the beginning of the year. Bitcoin is at +59% since the beginning of the year, while for example Ethereum is at +53%.

This is therefore a rebound, certainly generated by the initiative of Elon Musk. 

However, even in this case, there is no absolute certainty that Musk’s move was actually referring to Dogecoin. 

Moreover, laser eyes are a meme commonly associated with Bitcoin, and not with altcoins, even though generally if Bitcoin moves upwards, altcoins often follow it. 

New highs?

Despite all this, it seems premature at this moment to hypothesize a return to the historical highs in the short term. 

The reference point at this moment seems to be those $69,000 which constituted the new all-time high in 2021, and which the price of BTC has not touched since the first half of June. 

It should be noted that since February 28 of this year, Bitcoin has effectively continued to move sideways within a wide price range between $57,000 and $72,000 with few and rapid exceptions, such as the one at the beginning of July when it dropped to $54,000 but only to return above $57,000 within five days. 

To return to the highs, just below $74,000, it is first necessary to break the wall of $72,000 which has resisted for four times since April onwards. 

It still seems that a short and very small rally is underway that could last until early August, and at the current pace, this rally could indeed manage to bring the price of BTC close to the 72,000$ mark. However, it is still too early to predict if it will manage to break it by the end of July, or if everything is postponed to September.