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Swarm Intelligence Set

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.

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