Bitcoin (BTC) has faced heavy bearish pressure recently on the back of significant negative developments within the alpha crypto’s ecosystem, prompting some to suggest that BTC’s bull market is over.
Ark Invest’s Cathie Wood, however, says Bitcoin is still “halfway” through its current bull cycle, citing a wide variety of factors like increased institutional adoption and macroeconomic tailwinds that could be a boon for the price of BTC.
The Bitcoin Bull Rally Is Only Half Over
BTC/USD recovered strongly after hitting lows of $53,600 last week. And Ark Invest CEO Cathie Wood believes a major rally or the continuation of the bull market could be on the horizon.
Speaking during a recent interview with science and tech entrepreneur Peter Diamandis, Wood revealed that Ark’s research team, specifically their expert in Bitcoin on-chain analytics, forecasts that the Bitcoin market is currently in the middle of a bull market.
But, this does not necessarily indicate the price increase is halfway through.
“We have four people at ARK who are working on crypto generally, one dedicated to Bitcoin on-chain analytics. And judging by those, we are, we believe, halfway through this bull market,” she posited. “And halfway doesn’t mean we’re halfway through the price increase, because, you know, at the end of a bull market prices tend to go parabolic… We feel very strongly, just based on on-chain analytics, looking at them versus the short ten-year history, a little bit more than that, that we’re halfway through the bull market.”
The star stock picker further noted that the soaring interest and major institutional adoption of Bitcoin Spot Exchange-Traded Funds (ETFs) could push the asset’s value to an explosive phase.
Wood observed that since the debut of spot Bitcoin exchange-traded funds (ETFs) in January, none of the leading wirehouses, such as Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch, have included Bitcoin and BTC ETFs to their platforms as they are all presently doing their due diligence.
The Ark boss is convinced that one of these major brokers will add a spot BTC ETF to their platform in the next few months, and others will follow suit, leading to a rise in adoption and subsequent surge in the crypto asset’s price.
Ark Invest is among the asset managers approved by the U.S. SEC to roll out Bitcoin ETFs.
Wood Still Sees BTC Reaching $1.5 Million By 2030
During the interview with Diamandis, Wood reiterated her belief that the world’s largest cryptocurrency by market cap could hit $1,500,000 in price by 2030 in a bullish scenario.
She pointed to three catalysts that could propel Bitcoin to these sky-high levels, including institutional decision-making, BTC’s potential to serve as an alternative to Gold, and its ability to act as an insurance policy during periods of economic uncertainty.
Ark isn’t the only one expecting a massive jump in Bitcoin prices. Standard Chartered Bank recently predicted that the price of Bitcoin could rocket to $100K by U.S. election day and levels closer to $200,000 by the end of next year.