Bitcoin Price Prediction: BTC Bounces from Support – Here’s where BTC is headed Next
Bitcoin is getting a lot more attention due to its trading on major exchanges and the new investors it attracts. It is difficult to predict the price of Bitcoin because there are more people buying and selling it.
Cathie Wood (CEO of ARK Investment Management) spoke about the company’s current views on bitcoin. The company didn’t expect businesses and governments to use bitcoin as rapidly as they have.
Bitcoin is getting a lot of attention and people are supportive. Wood believes that BTC will reach $670,000 in five years.
Bitcoin heading towards an all-time high of $670,000 in the next 5 years?
Ark Invest CEO Cathie Wood revealed that Ark Invest made a mistake in assuming endorsement by governments and businesses of cryptocurrencies. Her firm had invested heavily in Bitcoin, which she predicted would increase its value exponentially.
Although 2022 didn’t bring any good news for the crypto market, there are significant differences between individuals and organizations. Forex Exchange had large amounts of Bitcoin money and was unable to pay its losses when the currency declined in value.
Some prominent figures are confident about Bitcoin’s price trajectory. Others are less optimistic. Wood believes that 2018’s volatility has made it more probable than not. One bitcoin will cost approximately (current USD $670k) in five years, and could reach $1.48million by 2030. This is a 6,326% increase over the past four decades.
Recently, Mr. Wood changed his mind about Bitcoin and admitted that he was wrong to not have faith in it. He also explained how it can protect money from inflation.
Susan Wood: Bitcoin will be worth $500,000 in the next 10 years – Here’s why
ARK Investment Management, led by Cathie Wood, has maintained its investment in a variety cryptoassets as well as shares of crypto-based companies despite the significant losses in the cryptocurrency sector over the past year. They believe that Bitcoin could soon surpass all-time highs.
This is expected to increase Bitcoin’s value as more businesses include Bitcoin in their balance sheets. Block (formerly Square) and MicroStrategy had the greatest impact on encouraging investors to remain optimistic about Bitcoin’s future. She is proud of her ability to accept the project, despite feeling hesitant at times.
Despite all the hype surrounding Bitcoin in 2017, it proved too volatile and led to some losses for many companies. In 2022, Tesla suffered an impairment loss in the amount of $204 million related to its Bitcoin assets.
The company had to reduce its crypto assets by 75% last year when Bitcoin’s value dropped. El Salvador became the first country to recognize Bitcoin as legal currency in 2021.
ARK Research Director Frank Downing stated that despite recent setbacks, the company’s investment in the core blockchain technology should be stable. The company is confident about its large investment in Bitcoin’s core Blockchain technology.
Katie Wood, a journalist, mentioned Bitcoin’s resilience via Twitter. She noted that the network remained stable despite the flagrant FTX attack. This was also a testimony to Bitcoin’s transparency, incorruptibility, she said. She recently stated that Bitcoin will see a huge increase in value over the next few years.
Bitcoin Price
According to CoinMarketCap, Bitcoin’s price was at $23,293 as of Monday’s US Session. It has experienced a 0.50% drop in the past 24 hours. It holds the top spot according to CoinMarketCap rankings. Its market capitalization stands at $449 billion
Bitcoin is currently trading at $22,700, which is in a downtrend. The price may fall further if it breaches this level. It could eventually settle at $22,400 which is highlighted by a rising trendline that can be considered a point of support.
MACD and RSI, two technical analysis tools that measure selling pressure, have indicated an increase. This could lead to BTC’s next low point at $22,350.
The 50-day exponential moving mean suggests that BTC/USD could encounter resistance at the $23,250 mark. However, the trend remains bullish. It can reach $23,500 if it rises above $23,250. This means that there is a possibility of a significant increase in its value.
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