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published in Blogs
Feb 09, 2021

Bitcoin (BTC.X, $45,640.27) surges past $48,000, following Tesla's $1.5 billion investment disclosure

Bitcoin climbed to a new high on Tuesday, as it edged past $48,000 for the first time. This followed the disclosure of Tesla’s  $1.5 billion investment in the cryptocurrency.

On Monday, Tesla said it would begin accepting bitcoin as a form of payment for its electric cars. The SEC filing mentioned that Tesla had purchased $1.5 billion of the cryptocurrency.

Following Tesla's announcement Monday, Michael Novogratz, founder of crypto investment firm Galaxy Digital, said that bitcoin’s price may reach $100,000 by the end of the year. 

Related Ticker: BTC.X

Aroon Indicator for BTC.X shows an upward move is likely

BTC.X's Aroon Indicator triggered a bullish signal on March 04, 2024. Tickeron's A.I.dvisor detected that the AroonUp green line is above 70 while the AroonDown red line is below 30. When the up indicator moves above 70 and the down indicator remains below 30, it is a sign that the stock could be setting up for a bullish move. Traders may want to buy the stock or look to buy calls options. A.I.dvisor looked at 443 similar instances where the Aroon Indicator showed a similar pattern. In of the 443 cases, the stock moved higher in the days that followed. This puts the odds of a move higher at .

Price Prediction Chart

Technical Analysis (Indicators)

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on February 26, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 133 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .

The Moving Average Convergence Divergence (MACD) for BTC.X just turned positive on February 27, 2024. Looking at past instances where BTC.X's MACD turned positive, the stock continued to rise in of 58 cases over the following month. The odds of a continued upward trend are .

BTC.X moved above its 50-day moving average on February 06, 2024 date and that indicates a change from a downward trend to an upward trend.

The 10-day moving average for BTC.X crossed bullishly above the 50-day moving average on February 07, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 18 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .

Following a +1 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 440 cases, the price rose further within the following month. The odds of a continued upward trend are .

Bearish Trend Analysis

The RSI Indicator demonstrates that the ticker has stayed in the overbought zone for 7 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 6 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

BTC.X broke above its upper Bollinger Band on February 26, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Fundamental Analysis (Ratings)

Fear & Greed

Market Cap

The average market capitalization across the group is 1.34T. The market cap for tickers in the group ranges from 1.34T to 1.34T. BTC.X holds the highest valuation in this group at 1.34T. The lowest valued company is BTC.X at 1.34T.

High and low price notable news

The average weekly price growth across all stocks in the group was 25%. For the same group, the average monthly price growth was 59%, and the average quarterly price growth was 165%. BTC.X experienced the highest price growth at 25%, while BTC.X experienced the biggest fall at 25%.

Volume

The average weekly volume growth across all stocks in the group was 107%. For the same stocks of the group, the average monthly volume growth was 533% and the average quarterly volume growth was 454%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating:
P/E Growth Rating:
Price Growth Rating:
SMR Rating:
Profit Risk Rating:
Seasonality Score: (-100 ... +100)
View a ticker or compare two or three
BTC.XDaily Signal changed days agoGain/Loss if shorted
 
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BTC.X and

Correlation & Price change

A.I.dvisor indicates that over the last year, BTC.X has been closely correlated with WBTC.X. These tickers have moved in lockstep 100% of the time. This A.I.-generated data suggests there is a high statistical probability that if BTC.X jumps, then WBTC.X could also see price increases.

1D
1W
1M
1Q
6M
1Y
5Y
Ticker /
NAME
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To BTC.X
1D Price
Change %
BTC.X100%
+8.17%
WBTC.X - BTC.X
100%
Closely correlated
+8.09%
ETH.X - BTC.X
76%
Closely correlated
+3.99%
NEXO.X - BTC.X
76%
Closely correlated
+7.46%
WBETH.X - BTC.X
75%
Closely correlated
+4.09%
WNXM.X - BTC.X
71%
Closely correlated
+3.53%
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