Bitcoin striking merely shy of $50,000 in the past 24 hours, post-obit news before this week that Tesla had purchased $i.5 billion worth of the asset. Despite Bitcoin (BTC) rising more 100% past its 2017 high near $20,000 over the grade of the past few months, Cheds, a crypto analyst and trader on Twitter, thinks the scene remains bullish.

"I recall many people are looking for a local pinnacle here, or perhaps reasons for 1 considering the toll has risen and then far so fast," Cheds told Cointelegraph. Cheds is CMT level I certified, which indicates a specific level of expertise in technical assay.

Bitcoin broke its 2017 best high of $19,892 in December 2020. In January 2021, BTC rose to $41,981, based on TradingView information. Later on a cursory pull back, Bitcoin hit $48,911 on February xi.

"In my view bulls are still in complete command, and every day we get more news of institutional adoption and demand, and that more anything will be the driving force," Cheds said. The crypto space is in the midst of a wave of mainstream large players allocating capital to Bitcoin. Aside from Tesla, MicroStrategy has put over $1 billion into BTC, while a number of other players have put various, albeit, smaller amounts of majuscule toward the digital asset.

"If you recall the BTC price will go downwards because of a Canada ETF or Chinese new yr, you were just looking for an excuse to sell anyhow," Cheds explained. Canada recently greenlit a Bitcoin exchange-traded fund, or ETF.

"Yesterday we witnessed another All-time high Bitcoin 24-hour interval candle close ~$49K," crypto trader and analyst on Twitter, CryptoWendyO, told Cointelegraph. "However, we are currently struggling a chip to buss $50K," she said, calculation:

"$50K is inevitable, but I would be cautious of the $44.seven area equally we head into the weekend - unless we get a #bitcoin tweet by Elon and in that case I would await to $54K."

Tesla's CEO, Elon Musk, has tweeted about crypto a number of times in recent days, giving particular attention to Dogecoin (DOGE).