Is Bitcoin really bad for the environment and could Tesla be about to make it “greener”? Either way, this may be the sell-off that sets Bitcoin up for new all-time highs

  • Crypto selling off on news Tesla will stop accepting Bitcoin for payments due to environmental concerns
  • We think the news is overblown and wouldn’t be surprised if Tesla is signaling plans to make crypto “greener”
  • Bitcoin has been consolidating for months as market dominance has been falling but this sell-off could be setting BTC up for a bullish run
  • Market may need to get a little more bearish first, but if we get a build-up of short futures positions, it could set us up for a squeeze that becomes the catalyst for new all-time highs
  • We maintain our buy on Bitcoin with a $100k price target

Bitcoin sold off sharply today and broke below $50k after news that Tesla would stop accepting it for payments.

The video in this report is only accessible to members

Source: Fundstrat, Tradingview

The headline likely shocked many crypto investors looking for greater crypto adoption, especially coming from Tesla CEO Elon Musk who has been a vocal supporter of Bitcoin and cryptocurrencies like Dogecoin.

The video in this report is only accessible to members

Source: Business Insider

The reason Elon Musk cited for the move on Twitter was a common criticism that Bitcoin mining is bad for the environment due to its use of fossil fuels. But Elon said that if miners started using more sustainable energy that Tesla would support it again.

The video in this report is only accessible to members

Source: Twitter

Without going fully ...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free