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.

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.

#BTC
You have been warned pic.twitter.com/1BPi8yBRY6

— Ed_NL (@Crypto_Ed_NL) April 8, 2022

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.

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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