Ark Invest\'s Cathie Wood Says Bitcoin (BTC) Bull Market Is Only Halfway Through

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.

Bitcoin (BTC) price action has been largely bearish in recent months. But despite the downturn, some are still optimistic about the future of the apex crypto. Ark Invest founder Cathie Wood recently suggested that the BTC bull market is only “halfway” over, presenting a scenario where the leading crypto could still achieve significant gains in the coming months.

Cathie Wood Says Bitcoin Bull Market Is Only Halfway Over

BTC/USD price recovered strongly after hitting lows of $53,600 last week. But despite the downturn, some are still bullish on Bitcoin, suggesting that the bear market is not yet over.

One person who believes this is Ark Invest founder Cathie Wood. In 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.

However, this does not necessarily indicate that 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 believe we are halfway through this bull market.”

“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.”

She 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 conducting their due diligence.

The star stock picker went on to say that she believes 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.

Bitcoin Price Could Still Hit $1.5 Million by 2030, Wood Says

During the interview with Diamandis, Wood also discussed her price prediction for Bitcoin, reiterating 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.

“I’ll give you the bear case, which is still pretty good. We believe that Bitcoin will trade at 1.5 million by 2030 in a bear case scenario.”

“Now, why do I say bear case? Because there are three use cases that institutions are finally waking up to to a material degree. The first is digital property. It’s clear that Bitcoin is digital property. It’s decentralized. It’s digital. It’s peer-to-peer. And it’s unstoppable. And that’s why institutions are finally waking up to this new asset class.”

“The second use case that’s finally dawning on institutions is that Bitcoin is a superior technology to Gold. It’s clear that Gold is an ancient technology. It’s heavy. It’s hard to move around. It’s hard to store. And it’s easily confiscated. And Bitcoin is superior on all those dimensions.”

“And the third use case that’s finally dawning on institutions is that Bitcoin is the best insurance policy during periods of economic uncertainty. And we just saw that play out in the first half of this year.”

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.

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