Bitcoin price stays above $30,000; Cathie Wood assures increased confidence in BTC
- Cathie Wood has reiterated support for Bitcoin, saying confidence in the flagship asset has increased.
- She calls Bitcoin an insurance policy basing her argument on the March bank collapses.
- Wood also lauds BTC for its decentralized and transparent nature, eliminating chances of a repeat of the great recession akin to 2008-2009.
- Meanwhile, the king of crypto holds steady above $30,000.
Bitcoin (BTC) price has edged north, resuming its consolidation above the $30,000 range after a brief pullback. The recovery comes on the back of recent assertions by Cathie Wood, a famous American investor and self-proclaimed crypto proponent.
Bitcoin holds steady above $30,000
Bitcoin (BTC) price is $30,052 at the time of writing, after a slight leap from the $29,500 range, which the flagship crypto had retracted to on July 17. The uptick follows assertions by Ark Invest CEO Cathie Wood, a popular crypto supporter, after she revised her BTC market value forecast toward the 2030 timeline.
Cathie Wood says, "Bull case for bitcoin is $1,500,000 per coin and our confidence has actually increased"
— Documenting ₿itcoin (@DocumentingBTC) July 18, 2023
"Bitcoin is an insurance policy. We won't have another '08-'09 crisis with bitcoin. It's decentralized and transparent"
pic.twitter.com/evjDFMaHUL
In an interview with Bloomberg, Cathie Wood adjusted her Bitcoin price forecast to $1.5 million by 2030. Calling this bull case scenario and estimating $625,000 for the bear case, Cathie Wood attributes the ambition to confidence in BTC over time within the Ark Invest firm.
She refers to the prominence of BTC during the March incident when regional banks collapsed, and stocks imploded, lauding the king of crypto for surging almost 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 wealth confiscation or through inflation. She also refers to BTC as an insurance policy in the deflation realm, hedging against counterparty risk. In her words, this will help ensure that the great recession of 2008/2009 does not repeat.
Despite the overly ambitious forecast, Wood's unwavering confidence in the potential of BTC is encouraging. Standing among the most revered voices in the crypto sphere, her optimism has further solidified the position of BTC, depicting it as a transformative asset.
Bitcoin price forecast as BTC faces crossroads
Meanwhile, Bitcoin price is at an inflection, split between bouncing off from the bottom of the range at $29,872 and extending the rally south by breaching this crucial support level.
For a downtrend to hold, investors should wait for confirmation indicated by a daily candlestick close below the critical support at $29,872. Meanwhile, the Relative Strength Index (RSI) had just deflected from the downward direction, suggesting an influx in buying pressure from the cohort of bulls at the aforementioned level.
Notably, Bitcoin price also enjoys robust support indicated by the 50-, 100-,and 200-day Exponential Moving Averages (EMA) at $29,286, $28,200, and $26,628, respectively.
BTC/USDT 1-Day Chart
If bulls prevail, Bitcoin price could bounce 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.
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Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
