Bitcoin rally is back on track

Cryptocurrencies

Cathie Wood, CEO and cofounder of Ark Invest, spoke at a conference in New York about the potential of cryptocurrencies. Despite the recent drop in Bitcoin prices, she continues to remain bullish and predicts that the price of Bitcoin will be in the six figure range. She anticipates that Bitcoin prices will more than tenfold and trade nearly $500,000, up from nearly $47,000 now. She did, however, emphasize the importance of institutional investors allocating at least 5% of their portfolios to digital assets. She added that while Bitcoin remains her preferred cryptocurrency, she is also keeping a close eye on Ethereum, which has risen significantly and is transitioning from "proof-of-work to proof-of-stake."

Bitcoin prices have moved back above the 50 and 200-day SMA on the daily time frame which is certainly positive for the price Something which is also immensely positive for the Bitcoin price is the golden cross which is taking today ie the 50-day SMA crossing above the 200-day SMA on the daily time frame. If price continues to trade above these moving averages, we could potentially see a major rally for the Bitcoin price.