After the bloodbath that happened in the crypto markets yesterday, many might be wondering that will Bitcoin still continue the bull run. Well, it is difficult to say that, but according to Cathie Wood, Bitcoin will still reach $500k. She said this as the volatility of Bitcoin was dropping and the markets started to recover from a low of $29k. Cathie has shown a strong belief in Bitcoin along with many other renowned personalities who hold the coins even after the dip. She said:
“We go through soul searching times like this and scrape the models, and yes our conviction is just as high.”
Is this Bitcoin target practical?
I would not say so in the short term, but overall if you consider a term of many years, it is. I have this feeling that we are still not at the peak of the Bitcoin bull cycle 2021, and after we reach it, the coin might fluctuate in a range for quite some time. But like in every 4 years halving takes place, the price of Bitcoin will move to a new high. This phase of 4 years is how the Bitcoin bull run works. And that is what makes the argument of Bitcoin reaching $200k, $500k, and even $1 million possible.
In fact, since there are no regulations in the crypto space and everything happens freely, there is a lot of market manipulation going on. Just consider that there is a 5% limit to how much most stock prices can move in a day. This is considering both up and down. But in the case of crypto, it can fall 50% or increase 10x in a day. But one thing that does happen is a good comeback when the price of fundamentally good coins falls.
Cathie’s take and some logic
Cathie Wood also says that the market is very emotional and new. It is also filled with people that are very inexperienced and entered the market seeing the returns it gives. But they might find it troubling to digest the 50% dips or even more that comes along the bull run. This phase shakes off all weak holders and makes the run even stronger. Cathie also added that the bull market has just broadened.
What are your thoughts on the huge market crash that happened yesterday due to a string of bad news? And do you think Bitcoin will still reach $500k? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.