Bitcoin It has attracted a lot of attention as it is traded on major exchanges, and is attracting a lot of new investors. It can be difficult to estimate its value because more people are buying and selling it.
Cathy Wood, CEO of ARK Investment Management, talks about the company’s current views on bitcoin. The company didn’t expect governments and businesses to use bitcoin any time soon.
There is a lot of enthusiasm 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 headed for an all-time high of $670,000 in the next 5 years?
Arch Invest CEO Cathy Wood revealed that she misunderstood the endorsement of cryptocurrencies by businesses and governments. He pointed out that his firm has invested heavily in bitcoin which he predicted would skyrocket in value.
2022 did not bring good news to the crypto market but there is a significant difference between some organizations and individuals. For example, a lot of money was tied up in bitcoin on the forex exchange and it lost some of its capital when it dropped 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 unlikely to be high. Within five years a bitcoin should be worth around (current USD) $670k and then could reach $1.48 million by 2030 – a 6,326% increase over four decades
Mr Wood has recently changed his mind on bitcoin, admitting he was not a believer in it and how it could protect people’s money against inflation.
Susan Wood: Bitcoin Will Be Worth $500,000 Within The Next 10 Years – Here’s Why
Despite the large losses experienced by the cryptocurrency sector over the past year, ARK Investment Management (led by Cathy Wood) continues to invest in stocks of various cryptocurrencies and crypto-based firms. Furthermore, he believes that bitcoin may soon reach a new all-time high.
An increasing number of businesses include bitcoin on their balance sheets, and this is expected to help its value. Tesla, Block (formerly Square), and Microstrategy made the biggest impact in encouraging investors to remain confident about the future of bitcoin. She is proud that despite feeling hesitant at times, she has been able to take up this project.
Despite the hype surrounding bitcoin in 2017, it ultimately proved to be very volatile and was associated with some losses for many companies. Tesla experienced a loss of $204 million in 2022 with respect to its bitcoin holdings.
Last year, when the price of bitcoin plummeted, the company reduced its crypto assets by 75%. This has led other countries to take a closer look at El Salvador’s move in 2021, when it becomes the first country to recognize bitcoin as legal tender.
Despite ARK’s recent shake-up, Frank Downing, director of research at ARK, said that investments should remain stable. The company is confident of its significant investment in bitcoin’s core blockchain technology
Journalist Katie Wood noted bitcoin’s resilience on Twitter, noting that the network remained intact amid the major FTX event. He also noted that this was a testament to the transparency and volatility of bitcoin. His recent claims suggest that he believes that there will be a huge increase in the value of bitcoin in the coming years.
bitcoin price
As of Monday’s US session, Bitcoin is priced at $23,293 according to CoinMarketCap, and is down 0.50% in the last 24-hours. As mentioned, it has a 24-hour trading volume of $15 billion and holds the top position according to the CoinMarketCap ranking. Lastly, it has a market capitalization of $449 billion
Bitcoin declined recently and is currently trading near the $22,700 support. If there is a break above this level, the price is expected to decline further and eventually consolidate at $22,400, which is supported by a rising trend line and can be seen as a potential point of support.
Technical analysis tools such as the RSI and MACD are showing indicators of increased selling pressure, which could lead BTC price below $22,350 as the next low.
According to the 50-day exponential moving average, BTC/USD may face resistance near the $23,250 level, and the trend remains bullish. If there is an increase above $23,250, it has the potential to reach $23,500. This indicates that an increase in price is likely.
bitcoin options
Cryptonews Industry Talk evaluates the top 15 cryptocurrencies for 2023. If you are looking for a more promising investment opportunity, there are other options to consider.
The number of cryptocurrencies and new ICOs (Initial Coin Offerings) continues to grow on a weekly basis.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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