Bitrabo Editorial
Recent negative developments have placed downward pressure on Bitcoin (BTC), leading to speculation about the status of its bull run. Cathie Wood, CEO of Ark Invest, shared her perspective on the current situation surrounding BTC.
Wood believes that Bitcoin is only halfway through its bull market phase, citing factors such as increased institutional adoption and macroeconomic trends as positive indicators for the cryptocurrency’s long-term potential.
Cathie Wood’s Insight on Bitcoin’s Bull Market Progress
In a recent interview with tech entrepreneur Peter Diamonds, Cathie Wood discussed Bitcoin’s price trend. Her team at Ark Invest, particularly their Bitcoin on-chain analytics expert, has determined that the market is currently in the middle of a bullish phase. Wood clarified that being halfway through the bull market does not mean the price increase is halfway done, emphasizing the potential for a parabolic price surge at the end of the cycle.
Wood also mentioned the growing interest in Bitcoin Spot Exchange-Traded Funds (ETFs) among major institutions, suggesting that the introduction of BTC Spot ETFs could drive the asset’s value to new highs.
She highlighted that despite the lack of BTC offerings on platforms like Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch, the institutions are conducting due diligence. Wood anticipates that once one major brokerage firm adds a BTC Spot ETF to its platform, others will follow suit, leading to increased adoption and a rise in Bitcoin’s price.
Potential Price Predictions for Bitcoin
Wood restated her optimistic prediction of Bitcoin reaching $1.5 million per BTC by 2030 in the interview. Ark Invest’s bullish case for Bitcoin in the next six years exceeds $1.5 million, with a base case at $650,000. The CEO identified institutional decisions, Bitcoin’s role as a Gold alternative, and its function as an insurance policy as key factors that could drive the cryptocurrency’s price to these levels.