Bitcoin price remains above $30,000, Cathie Wood assures increased confidence in BTC

[ad_1]

Share:

Cathie Wood reiterated her support for Bitcoin, saying confidence in the flagship asset has grown. She calls Bitcoin an insurance policy basing her argument on the March bank meltdowns. Wood also praises BTC for its decentralized and transparent nature, eliminating the risks of a repeat of the Great Recession similar to 2008-2009. Meanwhile, the King of Crypto is holding above $30,000.

The price of Bitcoin (BTC) rose slightly northward, resuming its consolidation above the $30,000 range after a brief pullback. The rally follows recent claims by Cathie Wood, a famous American investor and self-proclaimed crypto proponent.

Also Read: US Congressman Ritchie Torres Calls SEC Chairman Gary Gensler for Crypto Assault, Citing Ripple Win.

Bitcoin Holds Above $30,000

The price of Bitcoin (BTC) is at $30,052 at the time of writing, after a slight jump from the $29,500 range, which the flagship crypto pulled back to on July 17. The rise follows claims by Ark Invest CEO Cathie Wood, a popular crypto proponent, after she revised her BTC market value forecast towards the 2030 timeline.

Cathie Wood Says “The Bull Case For Bitcoin Is $1,500,000 Per Coin And Our Confidence Has Actually Grown”

“Bitcoin is an insurance policy. We won’t have another 2008-2009 crisis with bitcoin. It’s decentralized and transparent”

pic.twitter.com/evjDFMaHUL

— Documenting ₿itcoin (@DocumentingBTC) July 18, 2023

In an interview with Bloomberg, Cathie Wood adjusted her Bitcoin price forecast to $1.5 million by 2030. Calling this scenario the bullish case and estimating $625,000 for the bearish case, Cathie Wood attributes the ambition confidence in BTC over time within the firm Ark Invest.

She references the importance of BTC during the March incident when regional banks crashed and stocks imploded, praising the king of crypto for jumping nearly 60% from the 19,000 range. $ to the $30,000 range. This, according to the investor, was a flight to safety.

As such, Cathie Wood calls Bitcoin an insurance policy against direct or inflationary confiscation of wealth. She also refers to BTC as an insurance policy in the field of deflation, hedging against counterparty risk. In his words, this will help ensure that the Great Recession of 2008/2009 does not happen again.

Despite the overambitious predictions, Wood’s unwavering belief in BTC’s potential is encouraging. Standing among the most revered voices in the crypto sphere, his optimism has further strengthened BTC’s position, portraying it as a transformative asset.

Bitcoin Price Prediction as BTC Faces Crossroads

Meanwhile, Bitcoin price is at an inflection, torn between bouncing off the low of the range at $29,872 and extending the rally south past this crucial support level.

For a bearish trend to hold, investors should await confirmation indicated by a daily candlestick closing below critical support at $29,872. Meanwhile, the Relative Strength Index (RSI) had just deviated from the downward direction, suggesting an influx of buying pressure from the bull cohort at the aforementioned level.

Notably, Bitcoin price is also enjoying strong support indicated by the 50-, 100-, and 200-day exponential moving averages (EMAs) at $29,286, $28,200, and $26,628, respectively.

BTC/USDT 1-day chart

If the bulls prevail, Bitcoin price could rebound from the lower boundary of the range, potentially breaching the upper boundary at $31,500. A decisive candlestick close above this level would confirm the uptrend.

Like this article ? Help us out with some feedback by taking this survey:

[ad_2]