My Chart Says Everything About Bitcoin Prices Right Now

"Eventful" doesn't even come close to covering it when it comes to the week cryptocurrencies like Bitcoin just had…

Over the past five days, Bitcoin has moved lower, from a high of $51,400 last Friday to $43,400 at midday Tuesday. You guessed it – it started with a tweet.

Tesla Inc. (Nasdaq: TSLA) CEO Elon Musk, whose tweets are a huge "mover" of Bitcoin, helped ignite the drop when he said his electric vehicle company would "reconsider" accepting payments in Bitcoin because of its high energy demands and big carbon footprint. That was bad news for Bitcoin, but good news for cryptos the market sees as "green," like Cardano's ADA.

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Image Source: Upsplash

Then he teased the possibility that Tesla might unload all or part of its $1.5 billion-plus Bitcoin stash. That wiped around $300 billion off the crypto market before Musk came back on Monday to say that Tesla wasn't selling any Bitcoin.

It's enough to give you whiplash, and if you look at Musk's Twitter account… well, the response hasn't been pretty. I'll let the media unpack all that.

It's tough to know what to make of all this, but the good news is you don't really have to make anything of it.

What I mean is, whether the tweets are bullish or bearish, the business and investment case for owning Bitcoin hasn't really changed; it's still as strong as it's been in years, and I'm still bullish.

We're going to cut through the noise today with the most important Bitcoin chart you'll see all week – it'll show you exactly how to move to bank maximum Bitcoin profits…

Making Sense of Bitcoin's Wild Ride This Month

So, it's clear Elon Musk is easily one of the most outspoken, powerful voices in the crypto world, and his company owns a lot of Bitcoin. Even if what he says or tweets in the real world or on Saturday Night Livedepresses prices at the time, his actions recently and over the long term have been pretty bullish on digital assets.

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Disclaimer: Any performance results described herein are not based on actual trading of securities but are instead based on a hypothetical trading account which entered and exited the suggested ...

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