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 1.61% increase over the past 24 hours. An immediate resistance is located at $20,550 and support is near the $20,450 level.
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, Cathy Wood, founder and CEO of an investment firm, ARK Invest, gave an extremely optimistic stance towards the major currency. In an interview with Bloomberg, Kathy Wood claimed that bitcoin would exceed $1 million by 2030. If this happens, the first cryptocurrency will see an increase of about 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 cited that although bitcoin is not liked by the public because it may seem like a Ponzi scheme, they said that it is acting like a new asset class and that the asset no longer acts like one. Still working.
If these developments and interest continue to rise, Bitcoin will see new heights soon.
