Amidst the high inflation and increasing interest rates, the crypto market is moving ahead with a bullish sentiment. The first cryptocurrency, Bitcoin has gained stability and has been trading above $20,000 for a week now. This has brought some confidence to the crypto community.
At the time of writing, Bitcoin is selling at $20,502 after a rise of 1.61% over the last 24hrs. The immediate resistance is positioned at $20,550 and support is around $20,450.
The technical indicators are posing a positive price action for Bitcoin. Here Moving averages are signaling buy around ten, while oscillators portray neutral at eight.
Meanwhile, ARK Invest, an investment firm’s founder and CEO, Cathie Wood gives out an extremely bullish stance towards the flagship currency. In an interview with Bloomberg, Cathie Wood is seen claiming that Bitcoin will move beyond $1 million by 2030. If that happens, the firstborn cryptocurrency will spike nearly 4,600% from its current price.
Bitcoin Price At $1 M By 2030
Next, ARK Invest’s CEO talks about institutional investors where she asserts that while Bitcoin is down by nearly 70% from its ATH of $69,000, institutional investors are taking this as an opportunity to invest. She also says that institutional investors’ interest in the King currency spiked after a 2018 speech by the Boston, Massachusetts-based investment advisory firm Cambridge Associates.
In 2018, Cambridge Associates quoted that though Bitcoin is not liked by the masses as it may sound like a Ponzi scheme, they had said that it is acting like a new asset class and the asset is acting like one now.
If these developments and interest continue to rise, Bitcoin will see new heights soon.
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Source: https://coinpedia.org/opinion/bitcoin-price-to-hit-1-million-ark-invest-ceo-cathie-wood-predicts-timeline/