The global crypto market is trading under increased selling pressure due to the recent collapse of FTX. Bitcoin, the world’s largest crypto price is down by a heavy 65% on year to date (YTD) basis. However, Cathie Wood, Ark Invest founder is still bullish on the Bitcoin price prediction amid constant collapse.
Bitcoin price to hit $1 mln?
In an interview with Bloomberg Markets, Cathie Wood cleared her perspective on Bitcoin price prediction. Wood asserted that She is going to hold her Bitcoin forecast of hitting $1 million per coin by 2030.
Cathie Wood mentioned that sometimes the market needs to go through the battle test and crisis to see what is real. However, it is important to see the survivor in the aftermath. It is important to check market infrastructure.
She highlighted that Bitcoin has managed to rise out of these struggles. Meanwhile, Wood believes that one thing that can delay this is the institutional investors stepping back. They really need to think that they do really understand this.
Once these institutional investors take their time off and do their homework and analysis what happened here, they will be more comfortable. Then they can look into Bitcoin and Ethereum as the first stop.
Crypto market will recover?
Cathie Wood further highlighted that she still trusts the crypto market despite the FTX collapse. However, she called FTX a fraud but not like the Lehman brothers or Bernie Madoff. She expects that crypto will continue to move forward.
Bitcoin price is up by more than 5% in the last 24 hours. BTC is trading at an average price of $16,525, at the press time. Its 24 hour trading volume now stands at $33.1 billion.
Coingape reported that Core Scientific Inc., the largest publicly traded Bitcoin mining business in the U.S. has reported a $1.7 billion loss. Low Bitcoin prices have caused mining revenue to drop to an all-time low.
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