One of the most recognized names in the crypto world, ARK Invest CEO Cathie Wood, discussed the markets a few hours ago. These comments can help us understand the current situation and where we stand. Bitcoin (BTC) price was at $57,880 at the time of writing, and altcoins turned green with slight increases.
Is the Crypto Bull Market Ending?
This year, we have seen significant rises, and investors have certainly made substantial gains. However, recent declines have caused prices of many cryptocurrencies to revert to their levels at the end of last year. So, what does the Ark Invest CEO think? In a broadcast 24 hours ago where she discussed the agenda with Peter Diamandis, the famous CEO said:
“At ARK, we have four employees working exclusively on crypto, and one of them is dedicated to Bitcoin on-chain analytics. Looking at these, we believe we are halfway through this bull market. This does not mean we are halfway through the price increase because, as you know, prices tend to rise parabolically at the end of a bull market. Comparing on-chain analytics to the short ten-year history, we strongly feel we are halfway through the bull market.”
Many on-chain analysts believe we will see much better days in crypto over the next six months. Historical data and several reasons, such as new individual investors not yet showing the expected interest in the markets, support this view.
Cryptocurrencies Will Rise
While sales in Germany continue and MTGOX has not yet taken steps to provide much insight into the speed of returns, Wood believes in an uptrend. She argues that there will be more interesting developments in the ETF channel and that at least one major institutional intermediary will list spot BTC ETFs. Indeed, the first six months of data for ETFs have now been formed, and companies need to complete their evaluations in terms of both liquidity and volatility.
“What is very interesting is that since the ETFs were launched in January… none of the major brokerage firms like Morgan Stanley, UBS, Wells Fargo, Bank of America, Merrill Lynch have yet put Bitcoin on their platform. They are all doing due diligence. And I think one of them will do it in the next few months. It will not be limited to a single company. It could be an independent RIA (registered investment advisor) like LPL, which tends to move a bit faster. This will create a domino effect.”
