Cathie Wood Predicts Bitcoin’s Bull Market is Only Halfway Through

Cathie Wood, CEO of ARK Invest, believes Bitcoin is only halfway through its current bull market cycle. In a recent interview with tech entrepreneur Peter Diamandis, Wood shared insights on ARK’s analysis of Bitcoin’s on-chain data.

“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,” Wood stated. She emphasized that being halfway through the cycle doesn’t necessarily mean the price increases are at their peak, suggesting that parabolic rises often occur towards the end of a bull market.

Future of Bitcoin ETFs

Wood also predicts a significant development in Bitcoin adoption with the introduction of spot Bitcoin exchange-traded funds (ETFs). She anticipates that at least one major wirehouse could start listing these ETFs in the coming months, which would boost Bitcoin’s mainstream acceptance.

“What’s very interesting, since the ETFs were launched in January… not one major, we call them wirehouses, like Morgan Stanley, UBS, Wells Fargo, Bank of America, Merrill Lynch, not one has put Bitcoin on its platform yet, a Bitcoin ETF. They’re all doing their due diligence. And I think what’s going to happen is, within the next few months, one will and it may be not the big ones. It may be an independent RIA (registered investment advisor) like LPL, they tend to move a little more quickly. Once you get one with a spot Bitcoin ETF on its platform, the others will fall in line pretty quickly.”

ARK Invest’s analysis and Wood’s projections indicate a robust outlook for Bitcoin. The expectation of a parabolic price increase towards the end of the bull market suggests that significant growth potential remains. Moreover, the anticipated adoption of Bitcoin ETFs by major financial institutions could further propel Bitcoin’s integration into mainstream finance, making it more accessible to a broader range of investors.

As ARK continues to monitor Bitcoin’s on-chain metrics and market dynamics, Wood’s insights provide a valuable perspective for those considering investments in the cryptocurrency market.