Bitcoin price: Deep decrease
This morning (November 14), Bitcoin (BTC) - the world's largest cryptocurrency according to market value "turned around" and fell sharply by 2.57%, reaching 101,961.80 USD.
This new price contributes to bringing market capitalization to 2,033 billion USD, down 54 billion USD. In contrast, trading volume in the 24-hour reversal increased sharply by 19.14 billion USD, reaching 76.90 billion USD.
Assessment and forecast
Bitcoin has experienced recent intense fluctuations, testing even the most experienced investors. Having previously surpassed the $126,000 mark, the cryptocurrency is driven by expectations of changes in regulations and an increase by institutional investors.
However, the increase did not last long. In a strong reversal, Bitcoin plummeted below $100,000 amid pressure from profit-taking and macroeconomic concerns.
Currently, Bitcoin is trading on a downward trend around 101,961 USD, showing a somewhat recovery but still far from the old peak. This fluctuation reflects the sensitivity of the cryptocurrency market to external factors. From interest rate expectations to geopolitical developments. While some investors see this as a buying opportunity, others are concerned about a prolonged decline.
Cathie Wood - Founder and CEO of ARK Investment Management, has long been one of the most strong and influential supporters of Bitcoin. Through research reports, public interviews and ETF records, she always describes Bitcoin as a revolutionary asset that can change traditional finance, play the role of "digital gold" and even become a global reserve currency.
Wood's optimistic view is based on the following basic factors: fixed supply of 21 million VND of Bitcoin, decentralization, and its increasingly high integration into the payment system as well as the accounting balance of corporations and governments.
In annual reports, ARK often gives a bold pricing model for Bitcoin, based on network growth, halving cycles and acceptance speeds. Wood's initial grassroots forecast is not modest at $1.5 million/ Bitcoin by 2030 in the bullish scenario, with Bitcoin expected to account for 5% of institutional portfolios and replace a portion of the $12 trillion gold market value.
However, last week, in ARK's 2030 outlook update, Wood lowered Bitcoin's price increase target from 1.5 million USD to 1.2 million USD, down about 20%. The move was announced in an online seminar with a customer and then detailed in a new research report. Wood said the boom in neutral cryptocurrencies was the main reason for the adjustment.
The adjustment also reflects caution with the progress of global legal regulations. Although the US is taking positive steps with crypto-friendly personnel at regulatory agencies, international coordination is still fragile, slowing down the organizational process amid economic uncertainty.
However, this move is not a negative signal, but a step to stabilize the strategy. The base forecast for ARK is still 500,000 USD, while the worst case scenario is 300,000 USD. These figures all show a huge increase compared to current prices. The $1.2 million price increase scenario still corresponds to a 6-year increase, driven by ETF inflows, acceptance by businesses and countries.
