Bitcoin Finance has been one of the most talked about topics in the world for the last few months. As more trading volume arrives and an increasing number of investors enter the market, it is becoming increasingly difficult to predict where the bitcoin price will go next.
On February 2, Cathy Wood, CEO of ARK Investment Management, revealed that she didn’t expect businesses and governments to adopt bitcoin as quickly as it did.
He and his team were surprised by the speed with which it has been adopted. Wood maintains his belief that bitcoin will experience massive growth in the near future. He predicted that BTC would reach around $670,000 within 5 years.
Will bitcoin reach its all-time high of $670,000 in the next 5 years?
On February 2, Arch Invest CEO Cathy Wood revealed that her team had misjudged the support of cryptocurrencies by businesses and governments. He pointed out that his firm has invested heavily in bitcoin, predicting that its value will skyrocket.
Wood admitted that 2022 did not bring good news to the crypto market. But, in his view, the ones who lost money were centralized services like the FTX exchange, because bitcoin was and still is a global, automated digital currency based on established rules.
Wood is still confident in his prediction that the price of bitcoin will rise in the coming years. According to his forecast, one bitcoin should be worth around $670,000 within five years and could reach $1.48 million by 2030 – an appreciation of 6,326% from its current value.
Wood has recently changed his views on bitcoin and now believes that wealthy individuals can make a lot of money by investing in it to protect their money from inflation. She admits that she was wrong in not believing in Kryptonians.
Susan Wood sticks to her bitcoin prediction
Despite the huge losses experienced by the cryptocurrency sector over the past year, ARK Investment Management (led by Cathy Wood) has continued to buy shares of crypto and crypto-based firms. Furthermore, he believes that bitcoin may soon reach a new all-time high.
Cathy has seen a growing trend of businesses including bitcoin on their balance sheets, with Tesla, Block (formerly Square) and Microstrategy being the biggest supporters. As a result, investors are encouraged to remain steadfast in their faith in bitcoin. He believes that although it can be challenging at times, it just requires trusting the process and taking small steps.
Many companies holding bitcoin were not spared from losses in 2021. For example, Tesla reported a $204 million impairment loss for 2022 with respect to its bitcoin holdings in a regulatory filing.
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 recent setbacks such as the FTX meltdown, Cathy Wood and ARK have remained confident in their significant bitcoin investment. ARK’s director of research, Frank Downing, has even commented that they have only further strengthened his belief in bitcoin’s core blockchain technology.
Wood noted in a tweet that despite the tragic FTX incident, bitcoin’s network hasn’t missed a beat, which she sees as a testament to its transparency and ability to persevere in difficult times. His recent claims suggest that he is confident that bitcoin will experience a massive increase in value in the coming years.
bitcoin price
Recently, as the market value of Bitcoin It is recorded as $23,293 with a loss of 0.50% in the last 24 hours. Additionally, it has a 24-hour trading volume of $15 billion and is at the top position according to CoinMarketCap ranking. Lastly, it has a market capitalization of $449 billion.
From a technical perspective, bitcoin has surpassed an important benchmark of $23,250 with the help of an uptrend line. This support level was a significant barrier to the rise of the cryptocurrency.
BTC is trading below the $22,778 level as an increase in supply could lead the price to drop further towards $22,400. This breakout could result in more selling pressure and push BTC price even lower.
BTC price is likely to reach the $23,400 resistance, and if it breaks above it, it could continue higher towards $23,850 or $24,500. A bullish breakout above this level would be a bullish sign for BTC.
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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