Bitcoin has skyrocketed higher after news that Tesla will accept it as payment and also invest in it.

Elon Musk has been very busy Tweeting about a host of different crypto’s in recent days and it has been a key driver of the action during that time.

The news that Musk would invest $1.5 Billion in BTC, caused price to jump through prior resistance and as high as $47,500. The other major coins such as ETH are also strong, but naturally, we are seeing Bitcoin lead the way.

Interestingly, just yesterday, I was saying that Bitcoin was the crypto I was least keen on, with others such as XRP being my preferred option at this stage.

As is often the case, you can’t really argue with what the price action is telling us and we must respect the trend. Given where price is at, we could potentially see another leg into that $50,000 level, but also buying at these highs is a tough proposition in my opinion.

Remember, that we often see price move from periods of consolidation to huge volatility expansions, which is what we are seeing here. Notably, Musk has tweeted regularly about crypto’s and the moves don’t always hold up. That said, one of the most significant breakouts in Bitcoin, came when PayPal announced it would be adopting it as a form of payment. This sealed its legitimacy.

Musk continues to be an interesting character in my eye’s and I truly cannot work him out at this stage. On the surface, he is a genius and doing great things. But is it really possible to climb to these heights on genius alone?