Elon Musk Bitcoin Comments Spark Bitcoin Rally to $84,000 Amid “Magic Money Computers” Critique

In a recent episode of the “Verdict” podcast, Elon Musk made bold claims suggesting that various U.S. government agencies operate what he termed as “magic money computers” capable of producing money out of thin air. Speaking with Senator Ted Cruz, Musk criticized departments like the U.S. Treasury and the Department of Defense, alleging they facilitate unchecked cash creation without corresponding economic backing.

Elon Musk Bitcoin Comments Highlight: Concerns Over Unchecked Money Printing

Musk announced these statements in a period where Americans showed increasing anxiety about economic inflation together with fiscal accountability issues. Bitcoin supporters have chosen these statements as evidence that government actions lead to the depreciation of paper money. The cryptocurrency community sees Bitcoin’s fixed 21 million coin supply as a protection against government-sponsored money expansion so they praised this aspect after Elon Musk’s comments leading to a 12% rise in trading volume.

Elon Musk’s comments on magic money computers have sparked concern among the Bitcoin community, highlighting the risks of unchecked money printing. The comments have intensified debates around centralized financial control versus decentralized alternatives like cryptocurrencies. Analysts suggest that Musk’s criticism may bolster Bitcoin and Dogecoin’s appeal as inflation-resistant assets. With the crypto market’s total capitalization already approaching $2.8 trillion, institutional and retail investors alike are keeping a close eye on such narratives, as they often serve as catalysts for further market momentum.

Bitcoin Price Prediction: Bitcoin’s Bullish Structure and Resistance Levels

The Bitcoin 5-minute chart shows a strong bullish structure after a clear breakout above the resistance level at $84,000. The price respected a consistent support zone around $82,000 while forming higher lows. RSI indicators flagged multiple overbought and oversold conditions—oversold areas were followed by price rebounds, while overbought signals led to minor corrections. MACD showed golden crosses at key reversal points, supporting bullish momentum, with death crosses marking brief pullbacks. The breakout candle above resistance confirms strong buyer interest, and the price is currently stabilizing above the previous resistance, now turned support.

Source: Analyzed by baishnabtriparna, published on Tradingview on March 18, 2025

Bitcoin price prediction remains bullish, with technical analysis suggesting a potential target of $85,000 in the short term. To be precise, if BTC holds above the $84,000 support zone and continues respecting the ascending trendline, it could target $85,000 in the short term. RSI and MACD momentum remain neutral to bullish, suggesting room for another upward move. However, if BTC loses the $84,000 support, it may retest $83,500 or even $82,500. Overall, the breakout and technical indicators favor a bullish continuation towards higher resistance zones unless a sharp selloff breaks below trendline support.

Ultimate Market Impact: Musk’s Comments Boost Demand for Bitcoin and Decentralized Currencies

Elon Musk provoked the crypto community through his claims about “magic money computers” that U.S. government agencies use to freely mint money during his podcast with Senator Ted Cruz. The Bitcoin community finds strength in BTC’s limited issuance as a protection against such financial practices following Musk’s critical comments about agency currency printing. The trading volume for Bitcoin surged by 12% after Musk made his statements which indicated rising investor involvement. The total crypto market worth $2.8 trillion closely follows these market narratives because they usually trigger increased bullish market sentiment.

As suggested by Bitcoin price prediction, BTC managed technical success by surpassing the $84,000 resistance which caused it to stabilize near this level. Technical indicators RSI and MACD signal bullish signals for BTC that confirm the price will rise to $85,000 if market support holds strong. Expert opinions state that Musk’s negative stance has boosted the demand for Bitcoin and decentralized currencies because they represent anti-inflationary assets when people worry about governing authorities’ fiscal behavior.