Bitcoin Price Prediction as BTC Bounces From Support – Here’s Where BTC is Headed Next
Bitcoin has drawn lots of attention because it’s traded on the major exchanges, and is attracting a lot of new investors. It can be hard to predict its price because more people are buying and selling it as well.
Cathie Wood, CEO of ARK Investment Management, spoke on the company’s current thoughts on bitcoin. The company did not expect governments and businesses to make use of bitcoin as quickly as they have.
There is a lot of excitement about Bitcoin in the market and most people are, surprisingly, very supportive. Wood still believes that BTC could reach $670,000 within 5 years.
Is Bitcoin Heading Toward An All-Time High Of $670,000 In The Next 5 Years?
Cathie Wood, CEO of Ark Invest, revealed that they made a misjudgement in assuming the endorsement of cryptocurrencies by businesses and governments. She reported that her firm invested heavily in Bitcoin which predicted its value will grow exponentially.
𝗥𝗘𝗔𝗞𝗜𝗡𝗚: @CathieDWood calls #bitcoin an “insurance policy for everyone”
— Documenting ₿itcoin 📄 (@DocumentingBTC) February 4, 2023
pic.twitter.com/2NRwRlSWeZ
2022 did not bring good news to the crypto market but there is a significant difference between certain organizations and individuals. Forex Exchange, for example, had a lot of money tied up in Bitcoin and lost some of its capital when it decreased in value
While some prominent figures seem confident in Bitcoin’s price trajectory, others are skeptical. After so much volatility in 2018, Wood argues that the forecast is more likely than not. A single bitcoin should cost around (current USD) $670k within five years and then might hit up to $1.48 million by 2030 – a growth of 6,326% over the course of four decades
‼️ CATHIE WOOD'S #BITCOIN PRICE TARGETS
— Bitcoin Archive (@BTC_Archive) February 1, 2023
– by 2030
Bearish case: $258,500
Bullish case: $1.48 Million
Minimum ~11x in 7 years.
Maximum ~64x
Keep stacking SATS… 🤑
Mr. Wood has recently changed his view on Bitcoin, admitting that he was wrong in not having faith in it and how it can protect people’s money against inflation.
Susan Wood: Bitcoin Will Be Worth $500,000 Within The Next 10 Years – Here’s Why
Despite the major losses experienced by the cryptocurrency sector in the past year, ARK Investment Management (led by Cathie Wood) has continued to invest in a variety of cryptoassets and shares of crypto-based firms. Furthermore, they believe that Bitcoin may soon reach a new all-time high
A growing number of businesses are including Bitcoin on their balance sheets, and this is expected to help the value of it. Tesla, Block (formerly Square), and MicroStrategy made the biggest impact in encouraging investors to stay confident about the future of Bitcoin. She is proud that she has been able to take on the project despite feeling hesitant at times.
JUST IN – Cathie Wood's Ark Invest reaffirms $1 million #Bitcoin prediction:
— Bitcoin Magazine (@BitcoinMagazine) February 1, 2023
"Bitcoin will scale into a multi-trillion dollar market" pic.twitter.com/y95wbZ9fhJ
Despite the hype around Bitcoin in 2017, it eventually proved to be too volatile and was associated with some losses for a number of companies. Tesla experienced an impairment loss of $204 million with regards to its Bitcoin assets in 2022.
Last year, when Bitcoin’s price dropped, the company reduced its crypto assets by 75%. This led other countries to take a closer look at El Salvador’s move in 2021 when it became the first nation to recognize Bitcoin as a legal tender.
Despite the recent setbacks, ARK has had, ARK Research Director Frank Downing said that the investment should remain a stable one. The company is confident in its significant investment in Bitcoin’s core blockchain technology
Journalist Katie Wood mentioned Bitcoin’s resilience on Twitter, noting that the network remained intact amidst the flagrant FTX incident. She also noted that this was a testament to Bitcoin’s transparency and incorruptibility. Her recent assertions demonstrate that she believes Bitcoin will experience a massive surge in value in the years to come
Bitcoin Price
As of Monday’s US Session, Bitcoin ‘s price has been at $23,293 according to the CoinMarketCap, and has had a 0.50% dip in the last 24 hours. As mentioned, its 24-hour trading volume is $15 billion and it holds the top position according to the CoinMarketCap ranking. Lastly, its market capitalization is at $449 billion
Bitcoin has recently been on a downward trend and is currently trading at the $22,700 support level. If it breaks through this level, the price is projected to fall further and may eventually settle at $22,400, which is emphasized by a rising trendline and can be viewed as a potential point of support.
Technical analysis tools such as RSI and MACD have shown indicators of an increase in selling pressure, which might lead to the value of BTC falling below $22,350 as its next low point.
According to the 50-day exponential moving average, BTC/USD may encounter resistance near the $23,250 level, and the trend remains bullish. If it rises above $23,250, it has the ability to hit $23,500. This indicates that a rise in value is probable.
Bitcoin Alternatives
CryptoNews Industry Talk has evaluated the top 15 cryptocurrencies for 2023. If you’re looking for a more promising investment opportunity, there are other alternatives to consider.
The number of cryptocurrencies and new ICOs (Initial Coin Offerings) keeps increasing on a weekly basis.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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