Cathie Wood predicts Bitcoin to rise tenfold


Bitcoin struggled, but still managed to stay above the level of $ 43,852, rebounding from it two times. We did not see anything but the $ 10,000 collapse on September 7, which was provoked by the events in El Salvador. Now, market participants have shown that they are not ready to sell Bitcoin. Therefore, the cryptocurrency held above the level of $ 43,852, and it consolidated above $ 46,600 last night, which opens up prospects for it to grow back to the level of $ 51,350. It can be recalled that there is an assumption that Bitcoin has no fundamental reasons to rise at this time. We also believe that Bitcoin's price will rise in the long term, but that the cryptocurrency should be corrected more deeply before starting a new "bullish" trend.

Cathie Wood, CEO of Ark Invest, who has recently become a person for bitcoin comparable to the figure of Elon Musk, believes that bitcoin will continue to increase and will rise to $ 500,000 over a five-year period. She voiced this opinion at the Salt conference. She also added that all companies and large investors will allocate a certain part of their funds to buy bitcoins in the near future. The head of Ark Invest also noted that states are beginning to recognize bitcoin as a means of payment, which will also play into the hands of the main cryptocurrency.

Meanwhile, Democrats in the US want to remove several tax loopholes from the legislation that allows tax evasion through various trade operations. In particular, we are talking about transactions with bitcoin. The new rule will prohibit declaring tax losses while maintaining interest in the crypto asset. The meaning is as follows:

If you own bitcoin and it is currently unprofitable for you, you cannot sell it and make losses in the tax return, and after a week or two, buy bitcoin again. It can also be recalled that a new "infrastructure package" is still being discussed in the States, under which fees for $ 28 billion in the form of tax revenues from transactions with bitcoin are provided. Therefore, many are waiting for the tightening of regulation of the cryptocurrency sphere in the United States in the near future.

At the same time, the President of El Salvador Nayib Bukele said that the number of bitcoin wallets in the country exceeded 0.5 million. He said that experts are working on fixing errors in the system in order to improve it. Earlier, El Salvador became the first state in the world for which bitcoin became an official means of payment.

Meanwhile, various analytical portals report that a colossal transaction was processed on the Bitcoin network on Monday. An unknown person transferred an amount equal to $ 2 billion from one wallet to another. Interestingly, 78 cents were paid as a transfer fee. Experts immediately noticed that a similar transfer through a traditional banking system would cost the owner at least $ 20 million.


There is a clear downward trend in the four-hour time frame, but the price may consolidate above the Ichimoku cloud in the near future, which will open up excellent growth prospects to the level of $ 51,350. It should be recognized that the bears once again showed themselves on the weak side and could not break through the important level of $ 43,852. Thus, it is possible that the growth will resume, and the sale should not be thought of before consolidating below the level of $ 43,852.

The material has been provided by InstaForex Company -

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