US Recession Pops In, Bitcoin Price On The Verge Of $10K In April
The star cryptocurrency had a blissful start to the year 2023 as the currency witnessed a massive surge in January. However, currently Bitcoin is in bear market which has brought down most of the large cap cryptocurrencies. The flagship’s downward journey began just before the weekend hit in and yesterday the currency dropped below $23K.
At the time of reporting, Bitcoin is selling at $22,846 with a drop of 2.33% over the last 24hrs.
As per Mike McGlone, senior macro strategist at Bloomberg, cryptocurrencies might have been hit with their first recession. He also believes that this phenomenon might see assets hitting their lows with increased volatility. McGlone states this after the comparison between Bitcoin Nasdaq 100 index and claims if BTC moves towards recession, Bitcoin might hit a low of $10,000.
Bitcoin Price At $10K In April ?
The similar thought process was laid down by another crypto analyst, Michael van de Poppe who claims that crypto will face a disappointing February. Through his new strategy video on Youtube, he claims that Crypto might be hit with a recession and if that happens, Bitcoin will drop towards a range of $20,000 and $21,000 area.
Meanwhile, another fellow strategist known as Dark Defender goes through his predictions and lays down a bear target for Bitcoin. The analyst warns his 83,000 Twitter followers that when Bitcoin was trading around $16K in Dec 2022, he had predicted BTC to hit between $19k and 24K in Feb.
Further, the analyst asserts that on Feb 1 2023, Bitcoin reached $24,258 as predicted. Today, as per his claims Bitcoin is trading around $22,000. Hence, now Dark Defender questions whether Bitcoin will hit $10,000 level in April as per his forecasts.
However, the further action by Bitcoin and other cryptocurrencies will mostly depend on January’s Consumer Price Index (CPI) which is scheduled to be released on Feb 14.
Bitcoin Bears Regain Control – Can They Drive the BTC Price Below $20,000?
The past weekend was bearish for the entire crypto space as the Bitcoin bears strengthened their grip and slashed the price by more than 5%. The bearish volume has accumulated; hence, the price is expected to maintain a descending trend throughout the week ahead.
While the crypto verse hoped the price to surge beyond $25,000 and close the monthly trade around $30,000, the unexpected price slash may hinder the progress of the rally, clinching the levels below $20,000 in the coming days.
A significant ‘Sell Signal’ was lit off as soon as the BTC price marked the levels beyond $24,000 during the previous week. The price remained swinging between $23,000 and $24,000 for quite a long time, indicating the price zone to be extremely risky with a high probability of a swing trade.
Therefore, the next swing may compel the price to retrace into the next relevant support area between $22,000 and $20,000 within the rectangle as shown below.
If the rally holds strong within these support zones, a significant rebound may raise the price back above $24,000 which may further push beyond $25,000. However, this scenario appears to be unlikely as the recent upswing was a result of a short squeeze following the move in the Nasdaq and weakness in the USD.
Therefore, until and unless, the Bitcoin price does not leap beyond $25,000, the bullish trend may not be validated. The price is believed to display false swings in either of the directions till then that may induce distrust among the market participants. Once the price drops below $22,500, a bearish confirmation may set off, capitulating the market for the next couple of weeks ahead.
However, the price after experiencing an extended compression tends to break out of consolidation which may lay down a notable upswing to reclaim the lost positions beyond $24,000 soon.
The Real Reason Why Bitcoin & Major Altcoins Are Going Down Today?
Traders waited through the week before making any decisive moves in anticipation of the weekend, and the slight volatility brought on by releases of U.S. macroeconomic data delivered no general trend shift.
Unfortunately, cryptocurrencies, including Bitcoin and Ether, have seen their prices fall down over the weekend. Bitcoin has lost its hold on the $23k mark and Ethereum is barely holding onto the $1,600 market.
Why Crypto Market is Down Today?
Crypto researcher and YouTuber Aaron Arnold said that the current employment market data, which was issued three days ago, was the cause for the drop. According to the findings of the report, the unemployment rate dropped to 3.4% from the previous estimate of 3.6%. That’s the lowest unemployment rate since May of 1969. The number of those actively looking for work increased to 62.4%.
After a lackluster beginning to the earnings season, it is likely that investors will wait until Federal Reserve Chairman Jerome Powell’s speech, which is slated to take place on Tuesday afternoon, before making any significant changes in the market.
If signs of a decline emerge, the $21,000–$20,000 range might serve as a retest target for Bitcoin. A lot of rides are on the result of the Consumer Price Index (CPI) statistics for January, which will be released on February 14th.
In the event that it shows that inflation is decreasing less than predicted or perhaps upsetting that downward trend, the data might be beneficial for the U.S. dollar while taking some of the wind out of the rise in risk assets like cryptocurrencies.
Following a decline of 13% from the middle of 2022, when it was hovering at twenty-year highs, the U.S. Dollar Index (DXY) is presently engaging in the process of stabilizing.
According to Aaron Arnold, the cryptocurrency market cannot formally start a bull cycle as long as interest rates remain at record highs. At press time, Bitcoin is worth exactly $22,766, and Ether is worth $1,620.
Crypto Market Watch: What’s In Store For Bitcoin Price Ahead of Federal Reserve Chairman’s Speech
Bitcoin ended last week with a bearish trend for the first time in five weeks. It reached a high of $24k but dropped to below $23k during Monday’s Asian trading session. According to Coinglass, over $97 million was liquidated in the cryptocurrency market as traders took profits.
Moreover, there has been a shift in crypto funds moving from big-cap to small-cap altcoins such as BabyDoge, which rose over 200% in the past week.
As Bitcoin’s price is retesting the lower support level of a rising channel in a four-hour time frame, concerns of a market collapse have grown in the crypto community. Also, a well-known analyst known as il Capo of Crypto believes that Bitcoin’s price should not drop below $22.5K to maintain its bullish trend.
The crypto community is advised to stay alert for significant news, such as Federal Reserve Chairman Jerome Powell’s upcoming statement tomorrow. Powell holds significant power over the dollar and interest rates, which have caused inflation to soar.
Many analysts predict a recession later this year or early next year, and crypto investors are warned to keep this in mind as it could affect prices. However, the CEO of Wave Financial, Siemer, is more optimistic and believes that the recession will not be as severe as previous ones. He cites the resilience of consumers and the fact that the Fed’s actions are having a gradual effect, though the full impact on the economy may not be seen for another quarter or two.
Bitcoin Will Likely Witness A Bumpy Ride Next Week! On-Chain Metrics Suggest Short-Term Suffering For BTC Price
The crypto market has been on a roll lately as major cryptocurrencies like Bitcoin have witnessed significant price swings in the last few days. The Bitcoin price trend has been stuck in a choppy range as it swings sideways with 1% volatility, creating a blurred vision for long-term holders.
The primary reason behind this intense volatility is the recently released report on job growth by the US, pumping the dollar and weakening the BTC price. Hence, it caused a shift in investors’ sentiments and questioned whether Bitcoin price would form a dip next week or make a bullish reversal.
BTC On-Chain Metrics May Create Turmoil
As the US economy provides a bullish job report which strengthens the dollar, it creates a weakening situation for several crypto assets, including Bitcoin. Several analysts believe that Bitcoin is unlikely to witness a fresh bullish cycle in the next two weeks.
According to the on-chain analytics firm, Glassnode, the number of BTC addresses with a non-zero balance witnessed a spike of 300K on 2 February. A similar spike in BTC addresses was seen just after the collapse of the FTX exchange, which indicated the escape of BTC owners from a centralized exchange to a self-custody one.
If the non-zero BTC addresses continue to rise at the same pace, it may touch an all-time high by the end of February. Moreover, the analytic firm suggests that an influx of interest from investors in jumping on the BTC bull ride may create a massive concern in the Bitcoin market as it may develop a profit-taking sentiment among investors, resulting in a significant price drop in the BTC price chart after attaining a bullish goal.
Bitcoin Price To Form A Correction Next Week
Though Bitcoin has made a steady climb since the beginning of the new year, it is now facing several bumps on its upward trajectory, developing a slowdown in the price chart. As a result, it is predicted that the BTC price will be preparing for a downward correction by next week before entering into a bullish cycle.
As of writing, the BTC price hovers near $23,435, with a minor uptrend in the last 24 hours. A prominent crypto analyst, Solldy, predicts a short-term downward retracement in the BTC price chart as the RSI forms a bearish divergence with the current price trend.
The analyst mentioned that Bitcoin might consolidate longer near the $23.5K price level to gain enough selling pressure before dropping heavily. By the next week, the BTC price may form a support level below its 0.23 Fib level at $22.8K.
After that, Bitcoin is projected to witness its seventh golden cross, which may spark a lasting bull run with excellent medium to long-term buy signals after this minor downtrend.
BTC Price Forecast: Analyst Maps Potential High Levels For Bitcoin This Bull Market
The cryptocurrency market is experiencing an upturn in fortunes as Bitcoin continues to experience a positive increase overall. In 2022, Bitcoin saw an extended downward trend that led to a 60% reduction in its price, and the collapse of FTX in November significantly lowered market sentiments, and there were massive withdrawals.
However, Bitcoin is now showing strength and is fighting back with its charged bulls. With positive sentiments making waves on the internet, analysts and experts have started to predict the future of the largest cryptocurrency by market cap. Popular trader Crypto Tony wrote on Twitter,
“Seeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change.”
Credible Crypto highlighted how there can be another impulse just around the corner. He said, “Price action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse.”
Analyst Ash WSB said, “#Bitcoin jumping from anger zone Do you agree or do you think we are in a disbelief area and going to $30k?”
Macro investor David Brady said, “After such a long and deep sell-off, do we think the DXY is already done on the upside? I don’t. Lotta shorts to squeeze yet.”Michael Van De Poppe also had good news for crypto enthusiasts.
In 2023, the market mood for bitcoin underwent a big trend change. Since breaking out of its consolidation, Bitcoin’s momentum has changed to the upside, moving from a bear market to perhaps the very beginning of a new bull market. At the time of writing, Bitcoin is trading above the $23k mark and is currently in the green zone.
Bitcoin (BTC) Price to Surge 8x If This Scenario Plays Out – Here’s How and When
A three-year low was reached in the market when FTX crashed, wiping away billions in client deposits. As a result of the FTX fiasco, Bitcoin fell to $15,500 and appeared to be headed considerably lower. Bitcoin has since recovered and posted considerable returns and is now hovering near the $23k mark.
However, the market appears to be split; some analysts feel that Bitcoin’s low point was reached in November 2022, while others predict increased volatility and a still-lower low point in the near future.
According to research posted by an unnamed researcher going by the handle @TechDev 52 on Twitter, Bitcoin may be about to experience another impulse based on the indication that has anticipated its upsurges throughout the entire history.
The momentum indicator known as the moving average convergence/divergence (MACD, or MAC-D) is once again in the “green zone,” which is typically indicative of “bullish” emotion.
The analyst also monitored the changes in the rate of the China Government Ten-Year Bonds (CN10Y) relative to the U.S. Dollar Index (DXY). Just recently, this indicator crossed over its 1-year moving average line.
In 2010, 2012, 2013, 2017, and 2020, this combination of events constituted a reliable indicator for Bitcoin. When it last appeared, the price of Bitcoin increased by 8 times between Q4 2020 and Q1 2021.
After the US jobs report on Friday, bitcoin moved roughly 2% down to trade at around the $23,250 level. The US Bureau of Labor Statistics said that in the first month of 2023, the labor market added 517,000 jobs. The data showed an unexpected increase, surpassing the 188,000 economists had predicted.
Ray Dalio’s Opinion on Bitcoin and Crypto Has Shifted – Here’s What He Has to Say
Ray Dalio, an American investor and hedge fund manager, has appeared in a CNBC interview and talked about crypto. When asked about his updated opinion on the assets, Dalio said something that made it quite clear he had changed his mind about the assets.
Ray Dalio and Crypto
At the end of 2020, Dalio actually publicly voiced his support of Bitcoin specifically, saying that the token undeniably has value and has proven to be revolutionary. At the time, he said that he thinks we were entering an era where there is going to be a competition of monies because of the printing of fiat money and the depreciated value, and Bitcoin was a part of that competition. Bitcoin has two purposes; a medium of exchange and a store hold of wealth. He looks at Bitcoin as an alternative to gold.
It would seem that Dalio has revised his opinions on Bitcoin and other cryptocurrencies over the course of the last year. Fast forward to 2023 in the CNBC interview, Dalio started by admitting that it is quite amazing what Bitcoin has accomplished in the past 12 years. But he doesn’t think the token has any relation to anything.
“It’s a tiny thing that gets disproportionate attention.” —Ray Dalio
He went on to say that the value of one Bitcoin is less than a third of the value of one share of Microsoft stock. The investor believes that purchasing an inflation index bond rather than Bitcoin is a more effective way to protect themselves from the effects of inflation.
The crypto community on Twitter is probably not too pleased with Dalio, and they certainly do not agree with his assertions in the slightest. At the time of this publication, one bitcoin is now valued $23,317 and has a twenty-four-hour trading volume of $35 billion.
Bitcoin And Ethereum May Awaken Bears If Fail To Hold This Level! Here’s Where BTC And ETH Price Are Heading This Weekend
As the crypto market brings a worrying situation by trading on the verge of a flip price range, investors are keeping a close eye on leading assets: Bitcoin and Ethereum. With the weekend approaching at a fast pace, several analysts are wondering if BTC and ETH prices will be able to make a bullish comeback or form a price bottom.
BTC And ETH Prices Face Intense Pressure From Sellers
This week seems to bring a barrier in the price chart of Bitcoin and Ethereum as both face an ongoing consolidation near a critical price level. Market leaders claim that a slowdown in the upward journey may cause another bearish reversal, slumping leading assets to December price levels.
Bitcoin Price Analysis
This month has brought a high of $24K for Bitcoin since August 2022, pushing the trendline of BTC dominance exponentially. However, on-chain metrics suggest that Bitcoin’s dominance has recently started forming a dip after facing rejection near $24K, signifying an upcoming altcoin rally. Moreover, the largest Bitcoin corporate holder, MicroStrategy’s quarterly financial report, posts substantial losses, creating turmoil in the BTC price chart.
As of writing, BTC price trades at $23,665 with a decline of nearly 1%. A pseudonymous trader predicted a potential dip in Bitcoin’s price trend. The analyst predicts that the Bitcoin price may drop heavily if it witnesses profit-taking sentiment from investors at $24K. If Bitcoin falls below $23K, it may reach its November high of $21K, from which Bitcoin may trigger a possible upward retracement.
Ethereum Price Analysis
Ethereum price chart looks bullish as it maintains its momentum near the $1,650 price level. Moreover, the ETH network will activate its Zhejiang public testnet next week ahead of the Shanghai upgrade, which may develop a bullish scenario for the asset. However, a downtrend near $1,700 remains a concern as investors are looking to liquidate their holdings to avoid any upcoming risk that happened during the Merge event last September.
According to CoinMarketCap, ETH’s price trades at $1,662. Analyzing the daily price chart, Ethereum may face a rejection near the $1,700 level as the RSI-14 trades in an overbought region. Ethereum price may form a support level near the EMA-100 trend line at $1,563, which may spark a fresh bull run ahead of the much-anticipated Shanghai upgrade.
However, a bullish trend is expected if Ethereum breaks its monthly resistance level of $1,700, above which the ETH price may take bulls to the $2K price level.
Bitcoin Bulls On Fire: Analyst Predicts Massive Price Pump Before July
In the last few weeks, it has been made evident that the Bitcoin bulls are aiming to seize complete control of the market; nevertheless, we have not yet seen a particularly significant pump, and industry professionals continue to compare the year’s performance to that of 2019.
150% Pump Before July?
George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin would skyrocket by 150% in the next three to four months, taking it to a total of $50,000. A similar trend was seen in 2019 when Bitcoin’s price skyrocketed from $3,600 to $14,000 in the space of only a few short months.
Tung believes that 2023 is showing tendencies that are almost the same as those seen in 2019, and he is convinced that the king cryptocurrency will have a large increase before July, just as it did in 2019.
Bullish Dominance
As for Bitcoin, the fact that the king coin was able to recover after hitting the $22,800 support level on February 1 suggests that bulls are buying declines to this level. On February 2, the bulls were able to drive the price higher, over $24,000, but they were unable to maintain those higher levels.
Moving averages that are climbing higher and a relative strength index (RSI) that is in the overbought zone both suggest that the route of least resistance is upwards. The price of bitcoin may reach $25,000 if it moves higher from where it is now trading, which is $23,400. It is quite probable that this level will serve as a challenging obstacle.
A break and closure below the 20-day exponential moving average, which is now at $22,279, would be the first indicator of weakness in the market. This might cause the stops of a number of short-term traders to be triggered, which would result in the token falling to $21,480.
As a crypto enthusiast, what do you make of the current market conditions for Bitcoin? Will it reach $25,000 as predicted, or will it face some roadblocks along the way?
When Altcoins Could Rise by 10x to 15x? Will Bitcoin Bottom Prompt the AltSeason 2023?
The crypto space has been fascinating ever since the beginning of 2023 as the global crypto market capitalization regained levels above $1 trillion. This move resulted in the Bitcoin price making a giant leap beyond $24,000 and market new highs. Woefully, the price quickly dropped more than 4% to reach levels below $23,400.
In the meantime, the altcoins like Ethereum, BinanceCoin, XRP, Cardano, Polygon, etc are displaying acute strength. The whales have intensified their accumulation as the ADA whales have been recording huge transactions which have been the largest since November 08, 2022, hitting a 12-week high. These whales have accumulated nearly 405.85M ADA since the beginning of the year 2023.
If the bull market is confirmed, these altcoins are believed to rise by another 10x to 15x as predicted by a well-known analyst.
However, the analyst also cautions the market participants of a 70% to 80% drop with altcoins if BTC bottoms are not confirmed. Therefore, it is very important for the star crypto to find its bottoms that further indicate a minor pullback may be impending for the altcoins before undergoing a fine upswing.
The Bitcoin bulls and bears appear in a deep tussle at the moment to gain dominance over the rally. Hence, if the bulls outpower the bear currently, then the possibility of a giant price action towards the south could be possible. Therefore, the bears are expected to utilize all their strength and drag the price lower to get drained out before the next leg up to begin a strong rally soon.
What Will Happen if Bitcoin Repeats History? Golden Cross: a Boon or Bane?
With the latest gain, Bitcoin is likely to encounter its seventh “golden cross” in the past ten years, having risen more than 40% since the year’s beginning.
A “golden cross” pattern is expected this month, according to the daily period Bitcoin price chart. The 50-day SMA (blue) will cross over the 200-day SMA (red), resulting in a cross on the price chart. This is when the golden cross will happen. Although this typically denotes a positive market, historically speaking, not all Bitcoin price increases have followed golden crosses.
When the price of a security crosses its 50-day and 200-day simple moving averages (SMAs) on the price chart, this is known as a “golden cross.” Moving averages are indicators that look in the past, thus the signal simply informs us that the market’s recent advances have outpaced its historical increases.
Nevertheless, traders and chart analysts view it as a sign of long-term price increases. The last time a golden cross was observed for Bitcoin was in September 2021, when it resulted in a 135% increase in value. However, the one in May 2020 was much more substantial.
The 50-Day SMA of Bitcoin, the largest cryptocurrency in the world by market capitalization, should pass the 200-Day SMA in about a week, assuming there isn’t a sudden and prolonged decline of more than 30% in price.
Bitcoin’s value increased in 2019 as a consequence of one of the consequential golden crossings, which occurred when the asset was trading at around $5,000. As a result of the rise, Bitcoin reached an all-time high in 2021 of approximately $69,000.
All things considered, the approaching golden cross pattern is a bullish sign for the cryptocurrency market and might predict a promising future for Bitcoin. While keeping in mind that other technical indications lean to short-term bearishness, it will be interesting to see if it indicates a sustainable rally.
Bitcoin Under Dire Straits-Will Bulls Triumph or the Bears Win in the Game of Chess?
The past weekend was pretty bullish for the entire space as the Bitcoin price broke out of the consolidation and formed a new ATH above $24,000. Woefully, the trend has flipped notably as the bears appear to have gained dominance and attempting the cap the upper resistance at $23,500. Hence the BTC price is stuck between $23,400 to $23,500 for a couple of days which is expected to break in the coming week.
Bitcoin (BTC) Golden Cross in Short-Term
Bitcoin price after a notable jump since the beginning of 2023, uplifted the 50-day MA levels. These levels may soon cross over the crucial 200-day MA levels which indicates the ‘Golden-Cross’ event to occur during the weekend.
The bullish crossover is expected to uplift the price back above $24,000 initially and may even assist a rally beyond $25,000 if the bears remain passive.
Bitcoin (BTC) Death Cross in Long-Term
In the longer-time frame, massive bearish signals have been flashing for the Bitcoin price as the rally is prone to strike a ‘Death Cross’. Moreover, the price is expected to undergo the very first weekly-death cross since its inception. Hence, it is assumed to have a larger impact on the BTC price which may even drop back to the previous support or even lower if the bearish action intensifies.
Considering the present trade set-up, the Bitcoin price may rebound from the current levels and regain levels above $24,400. However, in the longer time frame, the BTC price rally appears extremely bearish, primed to shed more than 90% of its gains.
What’s Next For Bitcoin and Ethereum? Experts Weigh In
On Saturday, the cryptocurrency market showed a decrease in its previous level of volatility, with a 1.5% drop in the prices of Bitcoin and Ethereum. Despite this, profit-taking in the crypto market remains high, with over $98 million liquidated in the past 24 hours. Analysts believe that the crypto market is currently in a period of calm before the next bout of volatility.
Analyst Rekt Capital predicts that the next few weeks will be a crucial moment for the entire cryptocurrency market. If the previous rally continues, it would signal the end of the bear market and the start of a multi-week consolidation stage.
However, if there is a significant drop below $18k, a bearish trend could be indicated by a death cross between the 50 and 200 WMAs.
A similar narrative has been shared by on-chain analytic firm Santiment which cited a significant spike in whale transactions on altcoins.
According to Santiment, Ethereum traders are less convinced that the bull case scenario will persist in the coming weeks. As such, a significant increase in Ethereum profit-taking has been recorded.
DonAlt’s Analysis
According to popular pseudonymous crypto trader DonAlt in a recent YouTube video, the crypto market has more upsides in the coming months. However, the analyst warned if Bitcoin closes February below $20.7k, the bullish thesis will be invalidated.
“You have a lot of upsides. I think the upside on the monthly is basically if you don’t want to be too greedy, is $34,000,” DonAlts noted.
The analyst shared a similar thought on Ethereum, which hit $17k for the first time in months. As such, the analyst thinks Ethereum will hit $2.5k if the bullish thesis is not invalidated in the coming weeks.
With conflicting opinions from different experts, the future of the cryptocurrency market remains uncertain. Some predict a continuation of the bull market, while others see the possibility of a bearish trend. With so much at stake, it’s important to stay informed and make informed decisions.
Crypto Market Watch: Why is Bitcoin Price Down Today?
Bitcoin price has edged 2 percent lower today to trade around $23.4k on Friday. After retesting $24k twice on the four-hour time frame, the RSI indicator has formed a falling divergence that most often leads to a price dump. Bitcoin bulls should be extremely careful with the death cross, which entails the 50 and 200 WMAs, not to happen for the first time since its inception.
Furthermore, the 50 and 200 WMAs have acted as a support line for the past ten-plus years and would turn to a resistance line if the death cross occurs.
Nevertheless, popular crypto analyst Rekt Capital thinks Bitcoin will break the macro downtrend next month or in April. Moreover, on-chain data shows Bitcoin miners have reduced their sell pressure after taking profits in the past few weeks. Additionally, whales continue to accumulate more Sats irrespective of the price volatility.
Bitcoin Market Under Macroeconomic Influence
By now, it is safe to say that Bitcoin price has a significant correlation with global market indexes due to high institutional adoption and crypto regulations. During the last few days, Bitcoin price has reacted to the high-impact news from the Fed statement regarding interest rates. As the United States dollar exhibited more weakness, Bitcoin price edged higher to $24k.
“I do expect it’s likely DXY will retest what was support and now overhead resistance. This would align with my inverse expectation on BTC and Crypto moving down a touch before a final ‘blowoff’ high (not much higher imo),” Mathew Dixon, CEO Evai, noted.
With more high-impact news expected from the United States later today on the unemployment rate, more volatility is expected in the crypto market during the weekend.
Bitcoin (BTC) to Hit $28,000 Next Week? This Analyst Thinks So
The fact that Bitcoin has established what seems to be a firm support level of over $23,000 has brought a lot of excitement to the community. At the time of going to print, one king coin was valued at $23,492; however, only a few days before, the token had even reached and breached $24,000 for a brief period.
All eyes are on Bitcoin’s performance in February as predictions pile up and commentators get enthusiastic. That Martini Guy, a crypto specialist who posts videos on YouTube, has forecast that Bitcoin’s price would reach $28,000 by the following Friday.
That Martini Guy predicted as the CME gap/exchange is about to close, Bitcoin will have a tremendous rise and go higher than $28,000.
The expert believes that Bitcoin’s price will fluctuate slightly around $25,000 over the next few days. He also believes that Bitcoin’s price may start at that level but will most certainly surpass his $28,000 target before the day is done.
Recent monetary policy decisions made by the Federal Reserve in the United States have significantly impacted the cryptocurrency market. Bitcoin and other digital assets rose in value after the Fed said it would slow rate rises to 25 basis points.
Technically speaking, Bitcoin is rising and is headed toward $23,800, where there is some near-term support. If this level is breached, more buying might send the price all the way up to $24,000, where an upward trendline may give support around $24,550.
In addition, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are both showing signs of a trend toward selling, which means that more selling pressure might potentially drive the price of Bitcoin (BTC) higher upwards. It is clearly highly expected that the king coin will see a massive surge this month, so let’s watch and see.
Bitcoin Will Hit $1 Million by 2030, Claims Ark Invest CEO Cathie Wood
Cathie Wood, the visionary CEO of ARK Invest and a prominent advocate of Bitcoin, has re-affirmed her prediction that the price of BTC will reach $1 million by 2030. This forecast comes amidst Bitcoin’s sustained upward trend.
According to Wood, the Bitcoin network has remained unscathed, despite facing various challenges such as the bear market, the crypto winter, and the downfall of several prominent companies. The network has operated as designed – decentralized and transparent.
Wood believes that her forecast is actually modest, as the findings of ARK Invest’s Big Ideas 2023 report indicate that Bitcoin has the potential to reach even higher prices over the next seven years.
Bitcoin As A Solution For Wealth Preservation?
Cathie Wood believes that Bitcoin presents opportunities for wealth preservation for individuals of all financial backgrounds. She cites the global phenomenon of hyperinflation causing currency collapses and the need for a fallback, or insurance policy, such as Bitcoin.
She also believes that high-net-worth individuals will benefit from using Bitcoin as a hedge against the confiscation that can occur from inflation. If successful, this could result in the value of one Bitcoin reaching $1 million by the end of the decade.
The avid Bitcoin supporter highlights that the token has consistently outperformed other assets over the long term, making it the best-performing asset in any class. Its durability and stability make it a strong choice for wealth preservation.
Top Reasons Why Bitcoin Price May Soar Beyond $30,000 this Month
Bitcoin price again faced rejection in an attempt to rise beyond $24,000 for the second consecutive time in the past week, indicating the possibility of a bullish divergence soon. After starting the new year with a 40% upswing, the market participants were quite hopeful of the impending trend. However, after breaking the resistance at $23,300 that it held for nearly a week, the BTC price surged high to mark highs beyond $24,000.
But woefully, the levels quickly dropped, creating a sense of uncertainty among the market participants. However, the current trade setup displays larger possibilities of a bearish divergence but in the longer time frame, a breakout could be imminent.
The Bitcoin price is ranging within an expanding wedge that sets the upper target between $30,000 to $32,000. These resistance levels are extremely important as they carry a confluence of resistance points. Firstly, the crucial resistance zone between $31,100 and $31,800 collides with the upper trend line at $31,117. The formation of a bullish flag pattern may also uphold the possibility of a bullish breakout.
Moreover, the possibility of a continued upswing is believed to prevail for an extended period ahead. As the bull run which has been ignited just a moments ago is believed to mark their highs somewhere in September 2025 as predicted by a popular analyst TAnalyst
The analyst here offers substantial grounds to support his claims to the upcoming bull run that could resin for 2.5 years ahead. However, as per the prediction, the bear market is believed to kick in soon after the rally marks new highs for 2023 at around $45,000.
Bitcoin To Enter A New Bull Market If BTC Trades Above This Level
The crypto market seemed unaffected even after the Federal Reserve raised the interest rate by 25 bps on Feb 1, 2023. However, today the overall crypto market experienced a slight sell off where the lead cryptocurrency, Bitcoin price, has dropped more than 1.5% over the last 24hrs. This impacted Ethereum, Solana, Cardano, XRP among other large cap altcoins.
Currently, Bitcoin is trying to hold on to its $23,000 trade level as the currency has dropped 1.86% in the past day and is now selling at $23,424.
Bitcoin Bulls On The Move
However, one a broader note, Bitcoin bulls are still holding their control and this began in January 2023. Similar is the thought process of Charles Edwards, a Bitcoin trader and Capriole Fund founder. The trader believes that amidst the volatility, Bitcoin has begun its new cyclical bull market. He displays a chart and claims that Bitcoin addresses profit making has spiked from 50% to 70% indicating a turning point ahead.
Meanwhile, when looking at Bitcoin’s Fear and Greed index, the indicator is pointing towards Greed. This suggests that the current Bitcoin price is too high and it’s a good time to sell. If that happens Bitcoin might further face a pull back.
However, another well-known crypto trader and analyst, Scott Melker also known as Wolf of All Streets believes that $25,212 is a key level for Bitcoin. As per the analyst, if Bitcoin moves beyond the said level, this would be the first of its high trade since $69,000.
Hence, it’s very much important for Bitcoin price to hold its trade above the $23,000 area and pass its next crucial resistance of $24,000 mark.
Snowfall Protocol (SNW) Presale Set To Sell Out As Bitcoin (BTC) and Ethereum (ETH) Prices Signal Increased Market Enthusiasm
As the year begins, the crypto market is obviously regaining its feet after the crypto winter of 2022. Bitcoin (BTC) and Ethereum (ETH) are at the forefront of this new rally, trading around the $23,000 and $1,500 mark, respectively.
This could only mean one thing; market enthusiasm is once again on the rise, and groundbreaking protocol Snowfall Protocol (SNW), currently in its final presale phase, is sailing on this wind as it is set to sell out very soon.
Bitcoin (BTC)’s Recent Rally Hints At A Healthier Ecosystem
Since its inception in 2009, Bitcoin (BTC) has had a rollercoaster journey up until 2023. In November 2021, the King coin achieved a feat that seemed impossible when Bitcoin (BTC) first launched. It hit an all-time high of $65,000. However, by 2021 in the heat of the bear market, Bitcoin (BTC) had plummeted below $20,000, going even lower at times.
But following FTX filing for bankruptcy, Bitcoin (BTC) is beginning to rally again. According to Cointelegraph, on-chain data revealed that the recent short liquidation dominance is behind this rally. This is because it creates automatic Bitcoin (BTC) buys, driving up its price. Apparently, this dominance helped clear the market of unhealthy investments and has made room for the futures market to trend toward longs.
Ethereum (ETH) Updates Will Attract Favorable Investments, Says Expert Observers.
Additionally, the second largest crypto by market cap, Ethereum (ETH) launched its newest update, the Zhejiang testnet on the first of February ahead of the Shanghai and Capella hardfork. A move that would potentially allow validators on the network to safely withdraw Ethereum (ETH) from the network without destabilizing it.
This move was highly anticipated since the blockchain for smart contracts had switched from a proof-of-work mechanism to a proof-of-stake one in a massive event called the Merge in 2022. This was especially important for Ethereum (ETH) users because some of their investments had been locked in for more than two years.
Analysts have predicted that the upgrades would be advantageous to Ethereum (ETH) staking. And the crypto’s price has not only rallied but also remained relatively stable throughout the preparation and launch of the testnet.
Snowfall Protocol (SNW) is Not Left Out From This Rising Market Enthusiasm
Another beneficiary of this market turnaround is the Snowfall Protocol (SNW), a cross-chain transfer ecosystem for both Fungible and Non-fungible tokens. This platform is the very first of its kind, built to provide secure, reliable, and autonomous transactional highways between the myriads of blockchains and ecosystems scattered all around the world of crypto.
Although Snowfall Protocol (SNW) is still in the final part of its presale phase, the crypto promises to spike over 1000% before it is over. This is because it is providing groundbreaking technology, bridges that can link EVM to non-EVM compatible chains, and wrapping and swapping non-fungible tokens between blockchains.
Snowfall Protocol’s token (SNW) was sold at $0.05 in the first phase of its presale, and by the end of this third phase, it would be going for $0.75. Of the total supply of Snowfall Protocol (SNW), only 30% is available, and the price would just keep rising as buyers increase.
The developers of Snowfall Protocol (SNW) have created a platform that offers users a secure way to navigate all their numerous holdings from one place in a secure and user-friendly manner. As a result, savvy investors are buying out the multi-chain solution presale offer as fast as possible.
These three tokens, Bitcoin (BTC), Ethereum (ETH), and Snowfall Protocol (SNW), among others, are restoring investors’ faith in the crypto market. Bitcoin (BTC) with its price recovery, Ethereum (ETH) with its continuous efficient upgrades and stability, and Snowfall Protocol (SNW) with its innovative technology that is changing the way crypto transactions are conducted forever, with its mission of creating a bridge that would link the entire world of crypto.
Learn more about SnowFall Protocol from the links below:
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Bitcoin Price Hovers Near $24K
Yesterday, the FOMC had its first meeting of the year and right after that the Federal Reserve claimed that there will be an interest rate hike of 25 bps and it is expected to continue. Even after the Fed raised the interest rate, the crypto market had a positive reaction as Bitcoin price steadily held its $23K level. Moreover, the flagship currency has now also gained its next crucial level of $23,500 area.
At the time of publication, Bitcoin is selling at $23,797 with a jump of 3.18% over the last 24hrs.
Bitcoin Price Above $24K ?
Meanwhile, crypto traders and investors are now looking forward to interest rate hike decisions to be made by the Bank of England and the European Central Bank. This interest rate hike is set to impact the US dollar and if the US dollar falls, the Crypto market is set to set its next foothold.
The Bank of England is expected to increase its interest rate by 50 bps to 4% which will mark its 10th interest rate hike. Meanwhile, the European Central Bank (ECB) is hopeful to raise its interest rate by 50 bps. It’s just not that, the ECB has further claimed to increase interest rate by another 50 bps in March and then in May.
On the other hand, as per the data, Bitcoin’s price action displayed in January has pushed the currency towards golden cross formation expected to happen in February. If this prediction turns out to be true, the King currency will experience a strong bullish cycle.
Usually, a golden cross occurs when the 50-day simple moving average intersects and moves above the 200-day simple moving average. However, what needs to be noted here is even though golden cross formation suggests a bullish cycle ahead, there are even instances that Bitcoin has failed to perform as predicted.
The Bitcoin Death Cross Looms: What Traders Can Expect Next For BTC Price?
The Bitcoin bulls have continued to surprise many in the past few weeks despite several calls for an imminent price correction. The largest digital asset has gained over 3 percent today to trade around $23.8k.
However, analysts are now convinced Bitcoin price must flip the 50-week and 200-week moving averages (WMAs) into support lines before a death cross occurs.
Historically, Bitcoin price has experienced a choppy market every time a death cross occurs. After the January crypto rally, the 50 and 200W MAs, which have never crossed since the inception of Bitcoin, are at their closest proximity as shown below.
Experts Weigh In: Bitcoin Market Outlook
According to content strategists Keith Alan, the recent interest rate hike is a key factor for the Bitcoin market to consider. Furthermore, the digital asset industry has shown tremendous correlation with market equities in the recent past following increased crypto regulations.
“Now, SPX has a triple top on the Monthly, and BTC is headed for a Death Cross on the Weekly. These are toppy signs, but the FED, FANG, and labor market are dealing wild cards,” Keith noted.
As such, the Material Scientist cofounder indicated that Bitcoin must deal with key moving averages to break out from $25k.
According to analysts Rekt Capital, Bitcoin price is still on a falling trend until it flips the $25k resistance level. The bull case scenario is likely to be extended by increased liquidations that result in a short squeeze. Notably, approximately $39 million has been liquidated in the Bitcoin market in the past 24 hours according to data provided by Coinglass.
IRS Wants You to Declare Your Crypto Activities; What This Means for Bitcoin, Ethereum, and Snowfall Protocol Users?
The latest reporting obligations published by the Internal Revenue Service (IRS) require the general public in the USA to provide details of their crypto activities, whether they are a part of the crypto world or not. As of 2021, the IRS does not use the term “virtual money”. It has been replaced by “digital assets”. Every US citizen is required by law to answer all the questions related to their crypto activities.
Answering the Questions
Individuals have to answer questions about their crypto activities in three different tax forms. These are:
- 1040 Individual Income Tax Return
- 1040-SR U.S. Tax Return for Seniors
- 1040-NR U.S. Non-resident Alien Income Tax Return
All these 3 forms have questions about digital assets and income from them. IRS requires all individuals to answer their questions with a “yes” or a “no”. All U.S. citizens are now required to answer questions about cryptocurrencies irrespective of whether they participated in any digital asset transactions or not.
The IRS also wants to know if an individual has acquired, transferred, or sold digital assets in the financial year. Individuals should also report any financial gains from their crypto activities, including mining or staking cryptocurrencies.
IRS Tracks Popular Cryptos
Privacy is vital to the crypto space. After all, it is one of the tenets of the crypto-verse. But, in the U.S., IRS has many ways to reach crypto users and make them pay their taxes.
IRS has gotten better at tracking Bitcoin for multiple criminal investigations. They can also easily freeze assets in such cases. So, those who transact in famous cryptocurrencies like Bitcoin and Ethereum should keep tabs on legal changes and calculate their tax liabilities accordingly.
It is common for the IRS to gain information about the crypto trading of U.S. citizens by filing subpoenas against companies that run those cryptocurrencies. If you fail to report a loss, gain, or any activity in the crypto market, the IRS will charge you a fine in addition to the tax levied on your income. That can get quite costly.
Snowfall Protocol (SNW) Users & IRS Reporting
Snowfall Protocol (SNW) is yet to be launched in February. However, since its presale in the latter part of 2022, it has created impressive gains for its users. This includes the continuous appreciation in the price, and passive income from staking activities. Moreover, Snowfall Protocol (SNW) is predicted to grow from 1000% to 5000%.
However, when it comes to the new IRS ruling, Snowfall Protocol (SNW) users do not have to declare any gains from selling the tokens or staking the coin. The reason is simple. Snowfall Protocol (SNW) is based out of Europe. So, it does not come under the purview of U.S. laws. All users who buy Snowfall Protocol (SNW) outside the U.S. do not have to worry about paying taxes per the new US IRS laws.
The Snowfall Protocol (SNW) users do not have to go through the tedious process of filling out three forms declaring their “digital assets”.
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Here’s How Bitcoin (BTC) Price May Plan it’s Advent Beyond the $25k mark
Bitcoin, the largest cryptocurrency, has broken its one-year trend and is now waiting for its next move. In January, the crypto sector experienced a significant change as Bitcoin flipped important resistance levels into support. This has caused the coin to hover closer to the $24,000 mark, leading analysts to predict its journey beyond the $25,000 mark.
Analyst Benjamin Cowen has pointed out the convergence of several factors at the $25,000 mark for Bitcoin. He stated that the 50-week simple moving average (SMA) is moving down to $25,000, the 200-week SMA is moving up to $25,000, and $25,000 also marked the summer 2022 top. The only thing not yet at $25,000 is the current price of Bitcoin.
Technical analyst CryptoCon has warned about the possibility of pullbacks but suggests that taking part in accumulation and buying in at great prices will ultimately result in a return to the median price of $34,000 and a bottom of $15,500. Another analyst named Cillionaire.com highlighted an interesting fact, mentioning that the last time Bitcoin bounced back from its multi-year support, the price of Bitcoin went from $6,000 to $64,000 in a year.
A recent study by cryptocurrency services provider Matrixport showed that an improvement in the early part of the year often leads to a positive year-end performance for Bitcoin. The head of research, Markus Thielen, stated that the average gain throughout the year has been around 245% and that Bitcoin’s year-end performance has been favorable in five of the last six years when it had a January rally.
In conclusion, while pullbacks can be a concern, the convergence of various factors at the $25,000 mark for Bitcoin and the positive results from early improvements in the year have analysts optimistic about the cryptocurrency’s future performance.
Crypto Market Analysis: Bitcoin Bull Market is Back-Did the FOMC Rates Intensify the Rally?
Bitcoin price after recovering from the bearish engulfing in the past few days has now surged above the consolidation to reach the next milestone at around $24,000. The trading volume of the asset spiked by more than 36% to mark levels beyond $30 billion. The current trade set-up displays immense possibilities of a bullish breakout in the coming days that may even rise beyond the crucial levels of around $24,400.
The star crypto, after rising above a deep bearish trend, secures nearly 6 preliminary targets and now appears to be prepared to test the updated long-term targets. In the coming days, more upswing may be expected and higher targets could be reached that converge at $25,000 along with other indicators.
A huge convergence is witnessed at $25,000 where-in, the interim resistance, the 200-day MA and the 50-day MA levels collide, flashing the updated target for the BTC price rally. The recent FOMC meeting did add up to the prevailing bullish market sentiments that also assisted the current price rise.
The fresh FOMC rates were released that were raised by 25 bps to 4.75% after which the BTC price soared high, breaking the barriers at $23,800. Moreover, another 25 bps raise has been predicted for the coming month that could easily push the prices beyond $25,000.
Over the past few months, the US economic conditions, CPI or the GDP forecast, etc have shown positive dynamics. Interestingly, the prevailing conditions also have driven the traditional markets higher.
In the coming days, FOMC is committed to slashing the inflation rates to 2% from the current 6.5% and ensuring stability. Moreover, it believes that these rates can be achieved without a recession, while the economy will continue to grow along with Bitcoin & the entire crypto space.
Crypto Market Up Today, Bitcoin Price Holds Steady!
Run towards a bullish weekend! The cryptocurrency market has opened the market on a positive note as the majority of large cap cryptocurrencies have turned bullish. This bull rally is led by the first born crypto, Bitcoin price which has now jumped above $23,500 level and is strongly moving towards $24K. It’s just not that, even Ethereum, BNB, XRP, Cardano, Solana and other top altcoins have regained their lost price rally.
At the time of writing, Bitcoin is valued at $23,793 after a surge of 3% in the last 24 hrs. While Ethereum has gained 5.52% over the last 24hrs and is now trading at $1,667 leading the altcoin rally.
Crypto Market Surge With Fed’s 25 bps Interest Rate Hike
This wasn’t the scene a day ago as the crypto market was dwindling before the FOMC meeting results. However, during the FOMC conference, Federal Reserve chair, Jerome Powell claimed that the committee is focused towards the 2% inflation target. The Fed also claimed that even though inflation has dropped it is still too high and needs to be curbed.
After the Fed Chair’s above statement, the crypto market did react negatively, but soon bulls took control once the US Federal Reserve announced interest rate hike. Following the FOMC meeting, the US Federal Reserve held its meeting and concluded with an interest rate hike of 0.25% or 25 bps.
Last year the financial market witnessed one of the highest interest rate hikes by the Fed which was raised from 4.5% to 4.75%. This aggressive approach was to bring down the increasing inflation rate. Meanwhile, the US stock market which the crypto assets tend to follow has also gained wherein, the S&P 500 gained 1.05% and Nasdaq 100 is up by 2.16%.
On the contrary, what needs to be noted here is, during the FOMC meeting the Fed Chair claimed that the inflation still remains high and the job is not done. This suggests that the interest rate hikes will continue further and hence, the investors and traders should consider the crypto market volatility before making any further decision.
Bitcoin (BTC) Price Set To Surge High As Miners Halt Selling
The Bitcoin market has seen an upward trend in the past 24 hours, reaching a high of $24,000 earlier today. With the current price trading at around $23,869 in the Asian market, the market has seen a 3% increase. Market analysts predict further growth in the future, driven by both fundamental and technical factors.
Bitcoin Price Outlook from Puell Multiple’s Perspective
One such indicator that maps out Bitcoin price is the Puell Multiple. This is calculated by dividing the daily value of Bitcoins in U.S. dollars by the 365-day moving average of its daily value. According to the Puell Multiple, there may be relief on the horizon for Bitcoin miners who have been under increased sell pressure in the past year.
In the past, every time the Puell Multiple entered the green zone, it resulted in significant returns in the following months. Currently, the Puell Multiple has been in the green zone for 191 days, which suggests further upside movement in the price of Bitcoin. Philip Swift, the founder of lookintobitcoin.com, highlighted the relief for miners, stating that
“the Puell Multiple shows recent relief for Bitcoin miners. After 191 days in the capitulation zone, the Puell Multiple has rallied, showing relief for miners via increased revenue and likely reduced sell pressure.”
If Bitcoin continues to rally, this could trigger a pump in other cryptocurrency markets, including meme coins such as Dogecoin, Shiba Inu, and Baby Dogecoin. Additionally, a study has shown that more money is flowing from large caps to lower caps. Overall, the outlook for Bitcoin remains positive, with market indicators pointing to further growth in the near future.
Expert Who Nailed 2018 Bitcoin Forecast Predicts Epic Rally, Reveals Target Price!
The recent surge in Bitcoin prices is causing excitement among investors, who are comparing it to the second quarter of 2019, when Bitcoin rose from $3,000 to $13,000 in just four months, repeating its two-year bull run. Currently, Bitcoin has risen by 50% from its bottom, leading to growing anticipation of a similar bubble.
A successful crypto strategist who accurately predicted the 2018 Bitcoin surge believes that the reigning cryptocurrency is still in a bull run. He supports this with the use of Elliott Wave theory, a complex technical analysis tool for predicting price behavior based on the psychology of crowds in waves.
According to the theory, there will be five upswings in asset prices, with the five-wave increase in the expert’s graph reaching a maximum of $28,000. The current value of Bitcoin is $23,165.
The expert also has a positive outlook on Ethereum (ETH), the top smart contract protocol. He believes that ETH will break out of a symmetrical triangle pattern and reach $1,900. Ethereum’s price is $1,583 at the moment.
To summarize the analyst outlook on the asset class, both BTC and ETH are in an accumulation phase, and a rally is evident. This means that an “echo bubble,” which is a market recovery that occurs too soon after a previous bubble has burst, isn’t necessarily a bad thing. Investors can profit from echo bubbles, which also boosts market confidence after a big drop. However, it’s important to do your own research and only invest what you can afford to lose.
Expert Who Nailed 2018 Bitcoin Forecast Predicts Epic Rally, Reveals Target Price!
The recent surge in Bitcoin prices is causing excitement among investors, who are comparing it to the second quarter of 2019, when Bitcoin rose from $3,000 to $13,000 in just four months, repeating its two-year bull run. Currently, Bitcoin has risen by 50% from its bottom, leading to growing anticipation of a similar bubble.
A successful crypto strategist who accurately predicted the 2018 Bitcoin surge believes that the reigning cryptocurrency is still in a bull run. He supports this with the use of Elliott Wave theory, a complex technical analysis tool for predicting price behavior based on the psychology of crowds in waves.
According to the theory, there will be five upswings in asset prices, with the five-wave increase in the expert’s graph reaching a maximum of $28,000. The current value of Bitcoin is $23,165.
The expert also has a positive outlook on Ethereum (ETH), the top smart contract protocol. He believes that ETH will break out of a symmetrical triangle pattern and reach $1,900. Ethereum’s price is $1,583 at the moment.
To summarize the analyst outlook on the asset class, both BTC and ETH are in an accumulation phase, and a rally is evident. This means that an “echo bubble,” which is a market recovery that occurs too soon after a previous bubble has burst, isn’t necessarily a bad thing. Investors can profit from echo bubbles, which also boosts market confidence after a big drop. However, it’s important to do your own research and only invest what you can afford to lose.
Bitcoin Price Prediction 2030: Here’s What ARK Invest CEO Cathie Wood Predicts
In an interview with CNBC, Ark Invest CEO Cathie Wood restated her optimistic outlook for Bitcoin and the cryptocurrency market. She confirmed that her company still stands by its $500,000 target for Bitcoin. Wood claims that only centralized and opaque cryptocurrency firms, such as Celsius and FTX, lost money in 2021.
Wood believes that the idea of transparency and decentralization is gaining popularity after the FTX exchange’s collapse in November 2021. According to Wood, Bitcoin and Ethereum are the best examples of transparency and decentralization in the cryptocurrency world.
Wood has made bold predictions about the upward trend of Bitcoin. In a Bloomberg interview in May 2021, she predicted that Bitcoin would reach $500,000 by 2026 and later increased the prediction to $1 million by 2030 at the beginning of 2022.
ARK’s recent research on Bitcoin’s prospects described that it may grow into a multi-trillion-dollar market by the end of the decade. Even the most pessimistic scenario for Bitcoin predicts a price of $258,500 in the next seven years, an increase of 1,022% from its current value.
Despite a challenging year in 2022, ARK insisted that Bitcoin’s foundations are strong, citing institutional adoption, increasing hash rates, and long-term holder supply as evidence. The research states that the contagion caused by centralized counterparties has elevated Bitcoin’s value propositions of decentralization, auditability, and transparency. The company says that the Bitcoin network’s fundamentals have strengthened and its holder base has become more focused on long-term investments.