Bitcoin Price Prediction as ARK Invest’s Cathie Wood Praises BTC Despite Bear Market – Here’s Where BTC is Targeting Now
Following the bearish breakout of the upward channel on December 12, the Bitcoin price prediction turned bearish. It was supporting Bitcoin near the $17,000 level, and now, following a bearish breakout, Bitcoin price is vulnerable to the $16,750 level.
Ark Invest's CEO Cathie Wood recently tweeted her admiration for Bitcoin's resiliency, noting that the flagship cryptocurrency "didn't skip a beat" amid a recent crisis.
She goes on to say that Bitcoin's "transparency" and "decentralization" are reasons why disgraced FTX founder Sam Bankman-Fried didn't care for it. He was helpless, the well-known investor said.
The latest tweet from Wood is in response to Ark Invest, the investment management firm she runs.
This week, the market's attention is focused on the high-impact economic events coming out of the United States. Let us take a look.
Market participants are concerned about the next Federal Open Market Committee (FOMC) meeting and policy discussions on December 13. The above is due to Bitcoin's price still having a strong correlation with stocks. As a result of the market's reaction to the news, the upcoming CPI reporting event may result in increased volatility for BTC/USD.
The US Federal Reserve will raise interest rates on December 13. It follows a series of 75 basis point interest rate increases throughout the year. The interest rate hike scheduled for tomorrow is expected to be smaller than in the past.
Because the US Federal Reserve Chair has indicated that the Fed will scale back the rate hike in December, the market is anticipating a lower interest rate increase. If the news of tomorrow's interest rate rise is less than those that came before it, the crypto market may see a relief rally.
If the interest rate rise is 50
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