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Cathie Wood Forecasts Bitcoin Halfway Through Bull Run, Anticipates Major Banks Embracing BTC

ARK Invest’s CEO, Cathie Wood, has expressed her belief that Bitcoin (BTC) is currently only halfway through its ongoing bull market cycle. In a recent conversation with science and technology entrepreneur Peter Diamandis, Wood mentioned that ARK’s analysis suggests that parabolic surges could potentially indicate the approaching conclusion of the bull market.

Wood elaborated on ARK’s approach to cryptocurrency, highlighting that the firm has a team of four individuals dedicated to crypto, with one specifically focusing on Bitcoin’s on-chain analytics. According to their assessment, they posit that the current bull market is at its midpoint. Wood clarified that being halfway through does not necessarily imply that the price has increased by half, as historical trends show that prices tend to spike dramatically towards the end of a bull market. This perspective is rooted in their analysis of on-chain data spanning over a decade.

Additionally, Wood made a prediction regarding the future of Bitcoin exchange-traded funds (ETFs), foreseeing that a major financial institution may introduce spot Bitcoin ETFs in the coming months, leading to a surge in adoption. She noted that despite the launch of ETFs in January, prominent wirehouses such as Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch have yet to incorporate a Bitcoin ETF into their platforms. Wood anticipates that this cautious approach will shift soon, with at least one institution, potentially an independent registered investment advisor like LPL, taking the lead. Once one major entity includes a spot Bitcoin ETF, others are likely to follow suit swiftly.

As of the time of writing, Bitcoin is trading at $57,643, reflecting a 3.5% increase over the past 24 hours. Wood’s insights and projections indicate a positive outlook for Bitcoin’s trajectory in the current market environment.

The discussion between Wood and Diamandis sheds light on the evolving landscape of cryptocurrency investments and the potential for further institutional adoption of Bitcoin-related financial products. Wood’s observations underscore the importance of monitoring on-chain analytics and institutional movements in gauging the progress and maturity of the crypto market cycle.