Bitcoin
BTC$47 514.86

0.03%

Ethereum
ETH$3 425.09

-4.04%

Cardano
ADA$2.37

-2.40%

Binance Coin
BNB$411.72

-2.88%

Tether
USDT$1.000505

0%

XRP
XRP$1.076541

-1.68%

Bitcoin price retakes $50K as investor voices relief at healthy correction


24 Feb 2021   #Bitcoin

Time to ruminate is just what's required after all-time highs near $60,000, argues Ark's Cathie Wood. Bitcoin (BTC) hit back to reclaim $50,000 on Feb. 24 amid fresh bullish comments from major investors. Data from Cointelegraph Markets and TradingView tracked a 14% rise from Tuesday's lows over the past 24 hours, Bitcoin posting local highs of $51,278 on Bitstamp.

At the time of writing, $50,000 was forming a price focus with bulls still to take charge to dictate new support levels. After its 20% decline from all-time highs this week, Bitcoin's almost instant renaissance accompanied votes of confidence from various investment sources.

Among them was Ark Investment Management founder, CEO and CIO Cathie Wood, who said that the retracement was a "healthy" sign given months of near-vertical upside. Speaking to Bloomberg, she said that was “very positive on Bitcoin, very happy to see a healthy correction here."

That correction was in fact "relatively modest" even compared to the dive from $42,000 to $30,000 in January, Bespoke Investment Group noted in a blog post about market conditions. In additional comparisons surfacing on Twitter, commentators highlighted the many and various drawdowns witnessed during the 2017 bull run, the majority of which were in excess of 30%.

Wood: Ark "very reassured" on Tesla, Square buy-ins Meanwhile, Wood did not share the pessimistic outlook from Bitcoin critics over major companies exchange cash on their balance sheets for BTC. "This has to mature a little bit before broad-based adoption can take place, but we're very reassured that companies like Square and Tesla have chosen to allocate," she told CNBC.

Square expanded its Bitcoin holdings considerably this week, buying 3,318 BTC for $170 million, adding to its existing $50 million stash. Tesla, one analyst continued, should also be looking to "double down" on its commitment. Wood additionally reiterated that if all United States corporations were to make a 10% Bitcoin allocation, the cryptocurrency would be worth $200,000 more. Earlier this month, Cointelegraph reported on the Ark data that Wood cited in the form of a report into the potential impact on BTC/USD from mass corporate adoption.

Source


Related

Bitcoin sees quite healthy consolidation on $200M BTC options expiry day
Bitcoin has now been above $10K for a whole year
Bitcoin bulls look to profit from Friday’s $195M BTC options expiry
Bitcoin steals $47K from bears as critical BTC price resistance crumbles
Tight crypto market range as compressed spring
Bitcoin price flirts with $40K, but derivatives data is still bullish
Here are the BTC price levels to watch as $38K emerges as bulls' line in the sand
Bitcoin does not make a great deal of sense
Without confirmation from BTC, altcoin’s growth could be a trap

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.8% 25 $47 514.86 0.03% 4.04% $894 161 245 483 $28 719 970 368
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 52 $3 425.09 -4.04% 3.39% $402 666 663 593 $18 286 623 700
3 Cardano (ADA) ADA Cardano predictions 70.8% 64 $2.37 -2.40% -1.36% $75 781 714 075 $2 487 829 825
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $411.72 -2.88% 1.09% $69 224 713 306 $1 527 065 026
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000505 0% 0.04% $68 288 419 652 $68 611 287 328
6 XRP (XRP) XRP XRP predictions 71.6% 54 $1.076541 -1.68% 0.07% $50 190 746 420 $3 097 982 561
7 Solana (SOL) SOL Solana predictions 60.4% 90 $144.23 -5.53% -20.65% $42 811 715 184 $4 598 352 380
8 Polkadot (DOT) DOT Polkadot predictions 62% 81 $33.93 -2.81% 14.82% $33 510 932 866 $2 377 195 223
9 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 66 $0.242934 1.34% 0.11% $31 903 126 082 $2 283 954 463
10 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000592 0.03% 0.04% $29 326 641 867 $2 830 929 347
11 UniSwap (UNI) UNI UniSwap predictions 69.2% 57 $24.71 -5.84% 8.18% $15 112 382 412 $538 836 442
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 69 $65.07 -0.74% 35.80% $14 334 471 719 $1 976 567 012
13 Terra (LUNA) LUNA Terra predictions 65.2% 67 $35.13 -6.95% -12.79% $14 112 450 042 $1 162 902 372
14 Chainlink (LINK) LINK Chainlink predictions 71.6% 57 $28.33 -5.40% 5.96% $12 847 482 644 $1 503 217 743
15 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000515 0.03% 0.04% $12 832 920 510 $5 737 193 114

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.