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Bitcoin trader expects $38K drop as Cathie Wood confirms BTC price target of $1M by 2030

Bitcoin (BTC) faced a fresh threat of a dip below $40,000 on April 8 as short periods failed to bail out the bulls.

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BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Bitcoin risk returns to $38,000 support

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating in a range of $44,000 ahead of Wall Street’s open on Friday.

The pair had eased volatility after falling from 2022 highs during the week, but analysts warned that a return to the year’s established trading range was a clear next step.

“BTC is trying to turn the ~$43,100 area into support right now. If that fails and ~$43k becomes resistance… BTC will confirm a return to the $38k-$43k range that was home to consolidation earlier this year,” according to popular trader and analyst Rekt Capital summarized in his latest Twitter update.

“Until then – retest in progress.”

Crypto Ed was also eyeing a fresh leg down, marking a failed breakout attempt at $44,000 as a signal of a possible bearish continuation.

In a YouTube update that day, he additionally highlighted $40,000 as the next logical bearish target.

Rekt Capital traded with a potential silver lining in the form of BTC/USD, which held its 50-week exponential moving average (EMA) after a previous breakout – something that historically had “preceded an immense uptrend,” as he put it said written down.

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BTC/USD 1-week candlestick chart (Bitstamp) with 50-week EMA. Source: TradingView

Bitcoin 2022 bypasses the markets

The lackluster price performance accompanied the ongoing Bitcoin 2022 conference in Miami, which failed to lift market sentiment despite various attention-grabbing speeches and announcements from major industry names.

See also: Bitcoin 2022: Thiel calls Buffett ‘sociopathic’, Mexican billionaire has 60% in BTC

PayPal co-founder Peter Thiel took the spotlight with a keynote speech in which he named Warren Buffett, the ESG movement and others in a list of US “enemies” of Bitcoin.

“If we had to put that into a framework, it’s the financial gerontocracy running the country through some silly virtue signal/hate factory notion like ESG that they have compared to what we have to picture as a revolutionary youth movement.” , he told the audience.

Cathie Wood, CEO of ARK Invest, meanwhile, doubled down on the prediction that Bitcoin would cost $1 million by 2030.

Wood-managed ARK Innovation ETF (ARKK) was trading down over 34% year-to-date on Friday, significantly underperforming Bitcoin itself.

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Chart ARK Innovation ETF (ARKK) vs. BTC/USD. Source: TradingView

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