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A bitcoin trader anticipates a $38,000 price drop as Cathie Wood affirms a $1 million BTC price objective by 2030

Bitcoin’s short-term price activity once again appears to be a distinct beast than bulls’ long-term belief.

On April 8, Bitcoin (BTC) faced a new threat of a drop below $40,000, as bulls were unable to be rescued by short timeframes.

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Bitcoin faces a possible return to the $38,000 support level.

Prior to Friday’s Wall Street open, TradingView data showed BTC/USD consolidating in a range limited by $44,000.

The pair’s volatility had eased following a week-long decline from 2022 highs, but analysts warned that a return to the year’s established trading range was a foregone conclusion.

“BTC is currently attempting to convert the $43,100 area into support. If it fails to do so and $43K becomes resistance… BTC will confirm a return to the $38K-$43K consolidation zone from earlier this year,” prominent trader and analyst Rekt Capital highlighted in his most recent Twitter update.

“Until then, retest is being conducted.”

Crypto Ed, who identified a failed breakout attempt at $44,000 as a possible bearish continuation signal, was also on the lookout for a new leg down.

Additionally, he indicated $40,000 as the next probable bearish target in a YouTube video that day.

Rekt Capital offered a possible silver lining in the form of BTC/USD maintaining its 50-week exponential moving average (EMA) following an earlier breakout — something that has historically “preceded enormous upside,” he added.

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Bitcoin 2022 outperforms markets

The dismal price performance coincided with the ongoing Bitcoin 2022 conference in Miami, which failed to boost market sentiment despite numerous attention-grabbing speeches and announcements from prominent industry figures.

PayPal co-founder Peter Thiel garnered attention with a keynote address in which he listed Warren Buffett, the ESG movement, and others as Bitcoin’s “adversaries” in the United States.

“If we were to characterise this in a single frame, it is the finance gerontocracy that rules the country via whatever foolish virtue signaling/hate factory phrase they have, such as ESG, versus what we have to think of as a revolutionary young movement,” he told the crowd.

Meanwhile, Cathie Wood, CEO of ARK Invest, reaffirmed her prediction that Bitcoin would cost $1 million by 2030.

The Wood-managed ARK Innovation ETF (ARKK) fell more than 34% year to date on Friday, significantly lagging Bitcoin.

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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