Bitcoin (BTC) continues to face downward pressure following major negative developments surrounding the digital asset, leading to speculation over whether BTC’s bull run has peaked. As a result, Cathie Wood, a popular cryptocurrency advocate and Chief Executive Officer (CEO) of Ark Invest has delved into the discussion and provided her insights on the topic.
Wood predicted in a recent assessment that Bitcoin is currently halfway through its bull market, demonstrating her unwavering confidence in the crypto asset’s long-term potential. Her forecast points to a range of factors such as increased institutional adoption and macroeconomic trends that could positively impact BTC’s price.
Bitcoin Bull Run Is Halfway Over
Cathie Wood, CEO of Ark Invest, shared her insights on Bitcoin’s current price trend in a recent interview with Peter Diamonds, a science and technology entrepreneur, on Tuesday.
According to Wood, Ark Invest’s research team, specifically their expert in Bitcoin on-chain analytics, predicts that the market is currently in the midst of a bull phase. However, this does not mean that the price increase is halfway there. While Wood argues that BTC is only halfway through this bull market due to on-chain analytics in its short ten-year history, she believes that the digital asset will go parabolic at the end of this bull cycle.
She stated:
So we have four people at Ark who work on crypto in general, and one of them is dedicated to Bitcoin on-chain analytics. And judging from them, we think we’re halfway through this bull market. Halfway doesn’t mean we’re halfway through the price increase, because you know, at the end of a bull market, prices often go parabolic. So we have no idea when that is.
Further, Wood pointed out that the rising interest and large-scale institutional adoption of Bitcoin Spot Exchange-Traded Funds (ETFs) could drive the asset’s value into a parabolic phase.
The CEO highlighted that since the introduction of BTC Spot ETFs in January, none of the major brokerage firms, such as Morgan Stanley, UBS, Wells Fargo, Bank of America and Merrill Lynch, have added BTC to their platforms as they all conduct due diligence.
Should any of these major brokers add a BTC Spot ETF to their platform in the coming months, as Wood predicts, she expects others to follow suit, driving adoption and, in turn, the price of the digital asset.
$1 Million per BTC by 2030
Cathie Wood, known for her optimistic outlook, also reiterated in the interview her previous and most optimistic prediction for Bitcoin, which was $1.5 million per BTC in 2030. According to the CEO, the company’s optimistic stance for BTC over the next six years is estimated at over $1.5 million, while the base case is $650,000.
She further cited 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.
Main image of X, chart from Tradingview.com