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October 2, 2022
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Bitcoin

Bitcoin’s price is back to $ 50,000. A healthy BTC correction on the lips of investors. –

Time to reflect is what it takes at record highs of nearly $ 60,000 per BTC, says Cathie Wood of the Ark project. Bitcoin hit $ 50,000 again on February 24. All this is accompanied by bullish comments. A healthy BTC correction is therefore needed.

A healthy BTC correction supports gains

Data from Cointelegraph Markets and TradingView showed a 14% increase from Tuesday’s lows. Bitcoin recorded local highs of $ 51,278 on Bitstamp. A very quick rebound after a sharp drop in price. As of this writing, the price is advised around $ 50,000.

The 20% drop was almost immediately made up by Bitcoin. Many people from the investment community did not hide their positive moods about the future of the king of cryptocurrencies.

One of them was the founder of Ark Investment Management, CEO and CIO Cathie Wood. He says the adjustment was a “healthy” sign given months of near-vertical growth. In an interview with Bloomberg, she said she was very positive about Bitcoin and was happy about the recent declines.

Wood noted that the decline in BTC prices was in fact “relatively modest”, even compared to the decline from $ 42,000 to $ 30,000 in January. In additional comparisons that appeared on Twitter, commentators drew attention to the numerous and different lows observed during the 2017 boom. Most of them exceeded 30%.

Tesla and other institutions

Meanwhile, Wood did not share the pessimistic opinion of Bitcoin critics about exchanging cash for BTC by large institutions.

“This [Bitcoin] it needs to mature a little before it can be adopted on a large scale, but positive that companies like Square and Tesla have decided to allocate funds, ”CNBC told CNBC.

Square significantly expanded its Bitcoin holdings this week, buying 3,318 BTC for $ 170 million. Tesla, one analyst says, should also try to double its investment.

Wood further reiterated that if all US corporations allocate 10% of cash in BTC, it would be worth $ 200,000 more.

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