- Since mid-June, the price of Bitcoin has been in a consolidation between the $18,000 zone and $21,000
- Analysts and traders all over the market interpreted Bitcoin’s sideways pattern as one of the first signs of a possible market bottom.
- In the first 15 days of November, the flagship cryptocurrency crashed to the $15,000 zone – its lowest point in the last two years.
Since mid-June, the price of Bitcoin has consolidated between the $18,000 zone and $21,000, halting a significant bear market that started when the price peaked at $69,000 in November 2021.
Analysts and traders all over the market interpreted Bitcoin’s sideways pattern as one of the first signs of a possible market bottom and compared this bear market to the previous ones.
However, following several interest-rate updates by the Federal Open Markets Committee and several other macro-economical factors, the price of the cryptocurrency weakened over time. It took the final blow after one of the world’s largest crypto exchanges, FTX, faced insolvency issues and crashed.
The crash of FTX in early November took Alameda, Genesis, and several other FTX-affiliated companies down and severely weakened Bitcoin.
In the first 15 days of November, the flagship cryptocurrency crashed to the $15,000 zone – its lowest point in the last two years.
However, optimism and faith in Bitcoin are far from dead. This is evident from the CEO of Ark Invest‘s comments about Bitcoin and her price prediction that most people would describe as “interesting.”
“Bitcoin Will Soar By 5,900%,” Says Cathie Wood
As mentioned above, Cathie Wood, the founder, and CEO of Ark Invest, comments in an interview with Bloomberg are quite interesting.
In response to a question about whether or not she thinks Bitcoin can still hit $1 million in eight years, Wood confirmed that she was.
“Bitcoin will come out smelling like a rose,” the Ark Invest CEO said. She also mentioned that one thing that won’t happen immediately is institutions taking a step back and asking themselves, “Are we really understanding this?” She says.
And after these institutions take these steps back, do the research and understand what Bitcoin is, they might feel more at ease investing in Bitcoin.
Acknowledging the wide margin between Bitcoin’s current price of $16,500 and Wood’s $1 million prediction, Bitcoin would have to rise by a staggering 5,900%.
She also mentioned that Ethereum would be a “first stop besides Bitcoin.”
If you look at the blockchains like Ethereum and Bitcoin, she says. You’ll discover that despite the bear market crisis, they have the necessary technology and infrastructure. Bitcoin’s hash rate has never been higher, which clearly shows the network’s security.
The total value staked on Ethereum is currently $24 billion, Wood continued. That represents a record high. So, the infrastructure is flawlessly functioning.
Meanwhile, the price of BTC has dropped to a low of $15,500 over the past few weeks, with many anticipating a further drop to around $14,000 before 2022 runs out.
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