Bitcoin Price Prediction as BTC Bounces From Support – Here's Where BTC is Headed Next

cryptonews.com:

Bitcoin has drawn lots of attention because it's traded on the major exchanges, and is attracting a lot of new investors. It can be hard to predict its price because more people are buying and selling it as well.

Cathie Wood, CEO of ARK Investment Management, spoke on the company's current thoughts on bitcoin. The company did not expect governments and businesses to make use of bitcoin as quickly as they have.

There is a lot of excitement about Bitcoin in the market and most people are, surprisingly, very supportive. Wood still believes that BTC could reach $670,000 within 5 years.

Cathie Wood, CEO of Ark Invest, revealed that they made a misjudgement in assuming the endorsement of cryptocurrencies by businesses and governments. She reported that her firm invested heavily in Bitcoin which predicted its value will grow exponentially.

2022 did not bring good news to the crypto market but there is a significant difference between certain organizations and individuals. Forex Exchange, for example, had a lot of money tied up in Bitcoin and lost some of its capital when it decreased in value

While some prominent figures seem confident in Bitcoin's price trajectory, others are skeptical. After so much volatility in 2018, Wood argues that the forecast is more likely than not. A single bitcoin should cost around (current USD) $670k within five years and then might hit up to $1.48 million by 2030 - a growth of 6,326% over the course of four decades

Mr. Wood has recently changed his view on Bitcoin, admitting that he was wrong in not having faith in it and how it can protect people's money against inflation.

Despite the major losses experienced by the cryptocurrency sector in the past year, ARK Investment Management (led by Cathie Wood)