Why Cathie Wood’s ARK Invest Remains Bullish as Bitcoin Nears Record Price

The investment company of renowned technological investor Cathie Wood remains a bull Bitcoin As his price climbed to a return near the recently established maximum of $ 111,814.

Aggregate unrealized profit level, Bitcoin ETF flows and converge of key support among “bull” indicators for top -notch crypto property, according to ARK INVEST Monthly report on Bitcoin for May.

“Bitcoin did not hit an irrational lush,” one of the key matches of the report reports.

One of the notable signs that Bitcoin Hype has not reached the level of mania, according to ARK, is the level of unrealized profit of bitcoin or profit measurements compared to the basis of the cost of assets on the chain.

Using a Glass Schnode data, ARK points out that Bitcoin aggregate unrealized profit is currently just one standard deviation above the middle cycle. In the past cycles, “PNL must hit three standard deviations to suggest irrational lush,” the report said.

The report also indicates progress in Bitcoin ETF, especially comparing them to that Global Gold ETF, which decreased from $ 9.2 billion to about $ 1.5 billion in May. Bitcoin Exchange products on the other hand skipped more than 120% from $ 2.5 billion to $ 5.5 billion, the report said.

The last, but not least, as its price increased, Bitcoin withdrew the key support levels to between $ 94,000 to $ 97,000, eclipse his 200-day moving average, average on the chain and short-term costs of the owner in the process.

However, although the company’s research is largely indicated by bull indicators, a monthly report also highlights the declining amount of transaction, and the 10-year low for Bitcoin Core Development undertakes to be bear indicators.

“At 704, it undertakes to reproduce Bitcoin Core Github, they fell almost 10 times since 2021 and reached its lowest level since 2013,” the report said. “The fall emphasizes the growing role of bitcoin as a fixed monetary assets on a dynamic development platform.”

The latest Crypto Asset performance arrives in the midst of other neutral and teddy bears macro, highlighted by the increase in houses sellers compared to customers in the United States – the ARK is considered to be a bear for the overall market. The report also emphasizes the growing costs of supply and the fall of car sales as a neutral market signals.

However, mixed short -term signals are unlikely to disparage wood and suitcases, which previously provided wild bull predictions on the possible price of Bitcoin. 2024. Wood said Bitcoin could reach a million dollars per money, Eating in a global demand for gold – the theme was once again noticed in his May.

The company provided an even more bicerus prediction earlier this year, suggesting that by 2030 it was Bitcoin could reach $ 2.4 million per money. This is based on its experimental modeling, which considers “active supply” or the amount of token in circulation that are not long or lost.

The company of the company’s company in this modeling gives Bitcoin a price of $ 500,000 in the 2030 year – even more than 5x multiple prices. Bitcoin rose by 0.7% in the last 24 hours to $ 109,360, which is only 2% off on more and more time Co ringecko.

Edited Andrew Hayward