Bitcoin Price Prediction as BTC Bounces From Support – Here’s Where BTC is Headed Next

Bitcoin (BTC) has been a hot topic in finance circles in recent months. With the rising trading volume and growing investment, predicting the future price of BTC is becoming more challenging.  

Cathie Wood, the CEO of ARK Investment Management, stated on Feb. 2nd that they were surprised at how fast companies and governments started using the coin. She still believes that BTC will become significantly more valuable soon.

In 2022, Cathie Wood admitted that the cryptocurrency industry did not fare well. But according to her, centralized services like FTX exchange were the ones that experienced losses. She asserts that the coin is still a globally functional digital currency that adheres to predetermined regulations.

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Wood is confident that BTC will increase its value in the future. She estimates that one Bitcoin will be valued at approximately $670,000 in five years and could reach $1.48 million by the year 2030. That represents a significant rise above its current value of 6,326%.  

Woods’ perspective on Bitcoin recently changed. Now, she believes that wealthy people can profit significantly from investing in it to protect their wealth against inflation. She confesses that her lack of confidence in digital currency must be wrong. 

Susan Wood Remains Optimistic For Bitcoin Prediction

ARK Investment Management (led by Cathie Wood) has continued to buy crypto and stocks of companies related to crypto, even though the crypto industry had significant losses last year. Additionally, they believe that Bitcoin’s value may soon reach a new high.

Cathie has examined that many businesses, including MicroStrategy, Block, and Tesla, are beginning to include Bitcoin in their financial reports. Investors are now more optimistic about the future of the coin. Even while it can be frightening, Cathie believes that all you need to do is believe in it and take baby steps.

In 2021, a few businesses with Bitcoin assets also experienced losses. For instance, Tesla disclosed in a federal document a $204 million decline in its BTC holdings for 2022.

Due to a decline in its value during the preceding year, the company’s BTC holdings fell by 75%. This caused other countries to pay more attention to El Salvador’s decision in 2021 to make the coin a legal form of currency, becoming the first country to do so.

Even though there have been recent problems with FTX’s demise, Cathie Wood and ARK remain confident in their sizeable Bitcoin investment. Frank Downing, the director of research at ARK, even said that these losses had only increased their confidence in the resilience of the blockchain, the underlying technology that powers the coin.

According to Wood’s tweet, Bitcoin’s system continued to operate without issue despite the FTX issues. It demonstrates its integrity and ability to withstand difficult circumstances. Her most recent comments indicate that she firmly believes Bitcoin’s value will rise significantly.

Recently, the market price of BTC was $23 293 and had decreased by 0.50% over the previous day. Its daily trading volume was $15 billion, and it is the top-ranked cryptocurrency on CoinMarketCap. In conclusion, it is worth $449 billion in total.

Because of a rising trendline, Bitcoin has technically surpassed a significant milestone of $23,250, and this support level severely constrained the value of BTC.

Because there may be an excess of BTC available for purchase, the price of the coin may decrease. As a result, the cost may drop from $22,778 to as little as $22,400. If this occurs, more individuals might sell, driving the price even further.

BTC’s price may rise to $23,400; if it does, it might also increase to $23,850 or $24,500. If it does, it will be good news for Bitcoin community.

Crypto News Industry Talk has examined the top 15 virtual currencies for 2023. Other options outside Bitcoin are accessible if you’re looking for a superior investing alternative. The number of digital currencies and new initial coin offerings grows weekly.

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