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 chart 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 chart 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 chart in this report is only accessible to members

Source: Twitter

Without going fully into our views on Bitcoin and the environ...
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