When they say “blood on the streets” this is exactly what they mean.
In the space of 24 hours Bitcoin plummeted 26.7%, moving from $43,602 to as low as $31,926 according to CoinDesk 20 data.
This needs more context. 5 weeks ago the world’s first crypto hit all-time highs of $64,829.14
Most Bitcoin investors right now, we can only assume, would not be thinking “I wonder how high bitcoin will go?”
#BITCOIN It's been dubbed the "capitulation phase" but how far could bitcoin capitulate?
— ticker NEWS (@tickerNEWSco) May 19, 2021
Award winning stock picker Michele Schneider @marketminute breaks down the LOWEST price she doesn't want to see:#tickerNEWS | https://t.co/0W0Nv14dlC | #crypto #ether #bitcoin pic.twitter.com/cwWMzINA6y
But Cathie Wood is no average investor. The Ark Investment Management CEO doubled down on her predictions.
“We go through soul searching in times like this…and scrape the models and yes our conviction is as high”, and when she says ‘high’ she means sticking with her previous prediction that Bitcoin will hit $500,000 USD.
Wood has been incredibly bullish on Bitcoin, recently suggesting the world’s largest crypto will “comfortably” eclipse gold’s $10 trillion market cap.
Michele Schneider of Marketgauge is also watching closely, she’s been bullish on Ethereum, and will buy back in but only when the tide turns “so as long as we don’t get back down below that $32 (thousand mark) $33…as I said we get through $40 (thousand). Volatility calms down a bit. Then I would be interested again.”
