Bitcoin Price Prediction: ARK Invest CEO Cathie Wood Says Bitcoin Is Already Replacing Gold, Experts Say Bitcoin Could Increase Tenfold When Minetrix Launches.
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Over the past 24 hours, the price of Bitcoin has risen by less than 1%. Traded for $42,727 As of 2:39 AM EST, trading volume had increased 19.9% to $18 billion.
This follows ARK Invest CEO Cathie Wood saying Bitcoin (BTC) is effectively replacing gold as a store of value, especially following the approval of a spot Bitcoin exchange-traded fund (ETF).
In a new YouTube update, Wood says he believes BTC serves more as a risk-off asset and a flight to quality during times of economic uncertainty.
Wood shares a chart of the Bitcoin to Gold ratio that appears to be showing a strong long-term upward trend. She says this reflects that BTC is currently in the process of partially replacing the yellow metal.
Wood’s company was one of 10 ETF issuers that launched a spot Bitcoin ETF on January 11th. ARK 21Shares Bitcoin ETF holds over $700 million in Bitcoin.
Bitcoin price remains strong as it trades within an ascending triangle.
Bitcoin price is in an upward trend recently after reaching the support level of $38,470 and experiencing a mark-up phase, while the bears are facing a challenge at the $43,850 resistance level.
The pivot point is $42,270 and possible resistance levels are identified at $44,611 and $46,801, hinting at potential obstacles to an upward move.
On the 4-hour chart, we can see the price moving slightly in line with the 50-day and 200-day simple moving averages, with a golden cross forming around the $42,870 level, showing signs of a potential bullish rally.
Additionally, the presence of an inverted head and shoulders pattern further confirms the prevailing bullish sentiment towards BTC.
Bitcoin’s Fear Greed Index is around 60, which could be a sign that investors are confident about BTC’s prospects.
The Relative Strength Index is currently at 47, below the midline of 50, but there are signs of a rebound. If the current bullish momentum continues, RSI could cross the threshold into overbought territory.
Bullish Bitcoin Price Investors Target $49,000
The sentiment surrounding the Bitcoin price currently is decidedly bullish due to the emergence of an ascending triangle pattern.
Enthusiastic investors are aiming to break the upper limit of this triangle and push the price above the previous high of $49,000.
However, in the opposite scenario, if the bears gain control, the price could fall into the support zone with the $40,259 level acting as a buffer against downward pressure.
There is currently some uncertainty regarding the future direction of the Bitcoin price. As a result, experts are recommending the Bitcoin Minetrix acquisition, which they predict could potentially multiply 10x upon launch.
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