Bitcoin price is rallying today as investor demand continues pushing the digital currency close to their all-time high. BTC is trading at $18,536, which is a few points below last week’s high of $18,966. Ethereum, Ripple, and Chainlink are also on a strong upward trend today.
Despite the 168% year-to-date rally, analysts are bullish about Bitcoin price. In a Barrons interview,Cathy Wood, a renowned technology investor and CEO/CIO at Ark Invest argued that the price will likely continue rising. She has a price target of $500,000, which implies a 2,600% increase from the current price.
She pointed to the growing interest among institutional investors, who have continued to accumulate the currency. Notably, she said that Bitcoin’s supply cap of 21 million Bitcoins – and the fact that millions have already been lost – as another catalyst for the currency.
She is not the only major investor who sounded bullish during the weekend. In a statement, Stan Druckenmiller, a former George Soros partner, said:
“I own many, many more times gold than I own Bitcoin, but, frankly, if the gold bet works, the Bitcoin bet will probably work better, because it’s thinner and more illiquid and has a lot more beta to it.”
Bitcoin price technical outlook
On the daily chart, we see that Bitcoin price has found strong resistance slightly below the $19,000 psychological level. This is not new. As shown below, the price tends to consolidate whenever it reaches a psychological level. BTC is also above the 50-day and 100-day moving averages, which provides further support to the upside.
Therefore, while the price is likely to continue consolidating in the next few days, it will break out higher in due time. This bullish thesis will be invalidated when it moves below the support at $16,000.
BTC technical chart