Tesla recently bought $ 1.5 Billion worth of Bitcoin which brought the price up to around $ 47,500
This significant appreciation will occur on February 8, 2021 at around 19.00 WIB which is estimated to be the time to buy Tesla.
As a result, currently Bitcoin is getting a lot of attention around it. One of the parties that seems to be starting to be noticed is Apple.
The purchase represents a total cash allocation of 7.7% owned by Tesla.
The allocation to Bitcoin is a reflection of Elon Musk's belief.
Previously, the CEO of Tesla and the world's richest man said he was very supportive of Bitcoin.
He believes its use as a medium of exchange will increase.
This statement appeared about a week ago. It seems that he proved his trust through this purchase and Tesla pn is planning to accept Bitcoin payments.
The purchase by Tesla made the Bitcoin price increase dramatically by 21.5%.
As a result of this purchase, there has been much speculation about which large company will buy Bitcoin.
One of the names that is often mentioned is Apple.
Apple Predicted to Buy Bitcoin
One analyst estimates that if Apple adopts Bitcoin, its revenue could reach $ 40 Billion.
The prediction is based on what happened to Square after the company bought Bitcoin.
Until now, there has been no news or confirmation of the continuation of the plan.
Therefore, there are no clear plans regarding the adoption or purchase of Bitcoin by Apple.
However, there is currently an analysis that if Apple were to invest up to $ 20 billion in funds, the profits would be greater than if Apple bought back the stock.
Additionally, investing in Bitcoin can benefit Apple as a means of protection against inflation.
Currently Apple's market cap is at $ 2.2 Trillion which makes the company one of the best ratings in the world.
With about $ 200 Billion in cash, Apple could buy about 25% of the total Bitcoin supply.
Positive Sentiment Can Continue Bitcoin's Appreciation
As a result of these two reports, and the potential for stimulus funds that will decrease the value of the US Dollar, the demand for Bitcoin is predicted to continue to increase.
So that the price has the possibility to continue to appreciate. Currently, the technical side also supports this appreciation.
At the moment the appreciation looks still strong even though a doji starts to form on the 4 hour candlestick which shows uncertainty.
However, with a lot of positive sentiment along with a strong appreciation movement supported by bullish divergence of the RSI indicator and MACD crossover, there is a possibility that the price will continue to rise.
The next target is most likely around $ 50,000 which coincides with the 161.8% Fibonacci point.
Although technically it looks like Bitcoin will continue to increase, the potential for depreciation also looks strong.
This is due to the potential for selling pressure due to profit taking.
In addition, there is data showing that the current volatility is almost similar to the volatility in 2018.
At that time, Bitcoin was down about 500% in one year which made some markets start to worry.
However, there is no need to worry because conditions in 2018 are very different from this year because this year is dominated by institutional investors.
But to maintain risk management, it is better to use methods such as dollar cost averaging to keep funds safe.
Then to avoid FOMO, the analysis still has to be done personally in order to stay according to their respective plans.
The use of "cold money" and is highly recommended in case of loss, does not interfere with financial conditions.
