09/03/2021

Bitcoin (BTC) returned to the market on 24. February: Return to $50,000 against the backdrop of further bullish comments from major investors.
BTC/USD 1-hour candlestick chart (Bitstamp). Source : View on trade
BTC price falls outside the $40,000 range
Data from Cointelegraph Markets and TradingView show a 14% increase from Tuesday’s lows over the past 24 hours, with Bitcoin on Bitstamp posting local highs of $51,278.
At the time of writing, a $50,000 price is forming and the bulls have not yet taken responsibility for dictating new support levels.
After Bitcoin fell 20% from its record high this week, its near-instant recovery was accompanied by voices of confidence from various investment sources.
Among them was Ark Investment Management’s founder, CEO and CIO, Cathie Wood, who said the withdrawal was a sign of good health as it had been running almost smoothly for months.
Speaking to Bloomberg, she said it was very positive for Bitcoin, and that she was very happy to see a healthy correction here.
This correction was actually relatively modest, even compared to the crash from $42,000 to $30,000 in January, as noted by Bespoke Investment Group in a blog post on market conditions. In other comparisons that have surfaced on Twitter, commentators have pointed to the many and varied failures of the bull market in 2017, most of which have exceeded 30%.
BTC/USD card with recordings marked. Source : Nathaniel Whittemore/Twitter
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In the meantime, Mr Wood disagrees with the pessimistic predictions of Bitcoin’s critics about large companies exchanging the money on their balance sheets for BTC.
It still needs to mature a bit before it can be applied on a large scale, but we’re confident that companies like Square and Tesla have decided to invest money, she told CNBC.
Square significantly increased its bitcoin holdings this week, buying 3,318 BTCs for $170 million and adding $50 million to its existing stock. Tesla, one analyst added, should also try to double its stake.
Wood also pointed out that if all US companies allocated 10 percent of bitcoins, the cryptocurrency would be worth another $200,000.
Earlier this month, Cointelegraph released data from Tree Ark, which Wood cited as a report on the potential impact on BTC/USD of a massive corporate takeover.
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