Cathie Wood, founder of Ark Funds, known as the female stock god, reiterated her support for Bitcoin and expressed her confidence. She called Bitcoin an insurance policy based on the argument of the bank collapse in March. Wood also praised Bitcoin's decentralization and transparency, eliminating the possibility of a recurrence of the Great Recession of 2008-09. Bitcoin has stabilized at the $30,000 mark, and Wood revised her prediction that Bitcoin will reach $1.5 million by 2030.
Bitcoin prices rose slightly, resuming consolidation above the $30,000 range after a brief pullback, a small jump from the $29,500 range on July 17. In an interview with Bloomberg, Wood called Bitcoin's breakout above $1.5 million in seven years a bull scenario, and estimated a bear scenario of $625,000.
She cited Bitcoin’s outstanding performance during the wave of bank failures and stock market crashes in March, praising Bitcoin’s nearly 60% surge from $19,000 to $30,000. According to the investor, this was a flight to safety hedge.
As such, Wood calls Bitcoin an insurance policy against direct wealth confiscation or inflation. She also sees Bitcoin as an insurance in the realm of deflation, as a hedge against counterparty risk. In her words, this will help ensure that the Great Recession of 2008-09 does not happen again.
Despite the overly ambitious predictions, Wood’s unwavering belief in Bitcoin’s potential is inspiring. As one of the most respected voices in the cryptocurrency space, her optimism further solidifies Bitcoin’s position as a transformative asset.
As Wood’s voice of support for a Bitcoin spot ETF emerges, the Chinese narrative appears to be taking a backseat in Asia, with two Hong Kong banks rejecting cryptocurrency-related activities.
Local banks are reported to have expressed concerns about cryptocurrencies being used for money laundering and have asked for more time to update their anti-money laundering procedures. China’s cryptocurrency narrative may be delayed as banks need to adapt to changing anti-money laundering procedures and update their systems.
Bitcoin Technical Analysis
Lockridge Okoth of FXStreet said that Bitcoin price is at an inflection point and can either rebound from the bottom of the range at $29,872 or break through this key support level and extend the rally southward.
To keep the downtrend going, investors should wait for confirmation indicated by a daily candlestick close below the critical support at $29,872.
Meanwhile, the Relative Strength Index (RSI) has just diverged to the downside, suggesting an influx of buying pressure from the bulls at the mentioned levels.
Notably, the bitcoin price also received strong support from the 50-day, 100-day, and 200-day exponential moving averages (EMA), which are priced at $29,286, $28,200, and $26,628, respectively.
If the bulls gain the upper hand, the bitcoin price could rebound from the lower boundary of the range with the possibility of breaking out of the upper boundary at $31,500. A key candlestick close above this level will confirm the uptrend.