Bitcoin continued to consolidate as of the weekly close on October 30, amid concerns of a larger retracement. It currently trades at $20,576. According to data from TradingView and Cointelegraph Markets Pro, BTC/USD continues to wrestle levels below $21,000.
Over the past weekend, trading saw a short-lived return above the $21,000 level, but Bitcoin bulls were unsuccessful in maintaining the price increase.
Market Movement: Bitcoin and Altcoins
Famous pseudonymous crypto trader and expert il Capo of Crytpo hinted at a direction change due to similarities between Bitcoin and other altcoins. Altcoins performed exceptionally well over the weekend, with Dogecoin leading at $0.12. This altcoin saw a 25% increase in the last 24 hours, reaching a six-month high.
According to il Capo of Crypto, the top might be in for Bitcoin and Ethereum, yet some altcoins could continue to rise. However, these altcoins are not participating in new long policies, instead training stops in earnings.
Profit-Taking and Market Caution
Profit-taking has been a significant topic in recent days, with on-chain values indicating that demand could be substantial if Bitcoin convincingly surpasses the $21,000 mark.
Mark Cullen, another crypto trader, expressed similar caution over short-term crypto market strength in response to il Capo of Crypto. He pointed out that Bitcoin has already spent too long below the $21K level, while Ethereum has been making gains. Cullen anticipates a boost in price once traders break the golden zone, but also foresees difficulties if it dips below $20.4K.
Cathie Wood’s Investment in Bitcoin
In other news, Cathie Wood, CEO of ARK Invest, shared some insights about Bitcoin in a recent podcast interview for What Bitcoin Did. She disclosed that she bought Bitcoin back in 2015 when the price was around $250. Her $100,000 investment is now worth $7.5 million.
Wood’s confidence in Bitcoin has only grown since 2015, after the firm started researching the world’s first digital asset. The team realized the potential for Bitcoin to be a significant innovation.
During the initial research into Bitcoin, Wood’s team worked with renowned economist Art Laffer, who served under President Ronald Reagan on the Economic Policy Advisor Board and has been involved in monetary policy on both a national and international scale. Wood claims Laffer’s analysis of Bitcoin encouraged her to invest in the digital currency. Laffer was intrigued by Bitcoin’s dynamics and had been searching for a digital currency like it.