2024-7-11 19:00 |
Bitcoin (BTC) continues to face downward pressure following major negative developments surrounding the digital asset, which has led to speculations about whether BTC’s bull run has reached its climax. As a result, Cathie Wood, a popular advocate for cryptocurrencies and Chief Executive Officer (CEO) of Ark Invest has delved into the discussion offering her insights on the subject.
Wood in a recent assessment has predicted that Bitcoin is currently halfway through its bull market, demonstrating her unwavering confidence in the crypto asset’s potential in the long term. Her prognosis points to a range of factors such as heightened institutional adoption, and macroeconomic trends that could impact BTC’s price positively.
Bitcoin Bull Run Is Halfway ThroughThe Ark Invest CEO Cathie Wood shared her insights on Bitcoin’s current price trend in a recent interview with Peter Diamonds, a science and tech entrepreneur, on Tuesday.
According to Wood, the research team at Ark Invest, especially their expert in Bitcoin on-chain analytics, predicts that the market is presently in the middle of a bull phase. However, this does not imply that the price rise is halfway through. While Wood claims BTC is only halfway through this bull market due to on-chain analytics in the short ten-year history, she believes the digital asset will go parabolic at the end of this bull cycle.
She stated:
So we have four people at Ark who are working on crypto generally, and one of them is dedicated to Bitcoin on-chain analytics. And judging by those, we believe we are halfway through this bull market. Halfway does not mean we are halfway through the price increase because, you know, at the end of a bull market prices tend to go parabolically. So we have no idea when that is.
Furthermore, Wood pointed out that the rising interest and major institutional adoption of Bitcoin Spot Exchange-Traded Funds (ETFs) could drive the asset’s value to a parabolic phase.
The CEO highlighted that since the introduction of BTC Spot ETFs in January, none of the big brokerage firms, such as Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch, have added BTC to their platforms, as they are all conducting due diligence.
Should one of these major brokers add a BTC Spot ETF to their platform as predicted by Wood in the next few months, she believes others will follow suit, causing adoption to spike, thereby driving the digital asset’s price.
$1 Million Per BTC By 2030Cathie Wood known for her optimistic outlook also reiterated her previous and most bullish prediction for Bitcoin in the interview, which is a $1.5 million per BTC by 2030. According to the CEO, the firm’s bull case for BTC in the next six years stands at over $1.5 million, while its base case is situated at $650,000.
She further listed three factors that could push the coin’s price to these levels. These include institutional decision-making, BTC’s potential to serve as an alternative to Gold, and its nature to act as an insurance policy.
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