Bitcoin Price Consolidates After a Rough Week

Bitcoin Stays Over $30,000, Cathie Wood Raises Confidence in BTC

Bitcoin’s price point hasn’t changed a lot in the past few weeks. It’s still afloat north of $30,000, consolidating at that price point without any major setbacks. There was a slight leap below this level on July 17, but Bitcoin managed to climb up the ranks instantly. It was all reinforced by comments made by Ark Invest CEO Cathie Wood, a major crypto supporter who just issued her forecast for Bitcoin’s price by 2030.

She expects a massive bull case by the next decade that will see Bitcoin jumping to $1,500,000. While those predictions are too optimistic, it shows that optimism surrounding Bitcoin will never fade away, and that we’re in for bull runs that will legitimize the current consolidation.

At a Crossroads

Bitcoin’s price is currently at an inflection and is split between the bottom range $29,000 level that can see it bouncing off and extend the rally south. In order for a downtrend to hold its ground, we should see a daily candlestick below the critical support currently at $29,872. Bitcoin’s current Relative Strength Index gas deflected a bit, which shows buying pressure from the cohort of bulls. It’s a quiet July so far, and we’ve yet to see some major moves.

Bitcoin enjoys robust support by the 50, 100, and 200-day moving averages. The upper boundary of $31,500 was almost breached last week, but it’s obvious that Bitcoin’s facing some pressure there. If bulls prevail, the price could rush over that bump and confirm the uptrend that will hopefully take it to new heights and another consolidation phase before a new run.

Cathie Woods’ Predictions

Ark Invest CEO Cathie Wood has never shied away from the spotlight when making Bitcoin and crypto price predictions. A few days back, she voiced her support for a major Bitcoin bull run that could arrive at some point around 2030. That’s still seven years to go, but Wood’s prediction put it at $1,500,000 in the case of a bull market and $625,000 in the case of a bear market. In both cases, the prices are a far cry from the current ones and even Bitcoin’s all-time high that almost hit $70,000.

Wood’s confidence in Bitcoin has increased. She said it’s an ‘insurance policy’ and that t he 08-09 Bitcoin crisis is never coming back. Wood rose to prominence earlier this year in March when regional banks in the USA started to collapse. Some experts believed it’ll send shockwaves through the crypto industry and impact the price in a negative way, but Wood held her ground. She predicted a surge which eventually went up to 60% for Bitcoin’s price, taking it from $19,000 to $30,000 in a short time.

Since then, the price has consolidated at that point, and we’re all waiting for a bull run that could see it jump higher. Wood is confident that a new run is coming soon, and without any setbacks, the price can go over a million by 2030. It may be slightly overly optimistic, but there’s no doubt there’s room for Bitcoin to grow.

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