Cathie Wood "Bitcoin (BTC) bottom completed"...$730,000 bullish argument revived

▲ Cathie Wood, Bitcoin (BTC)/AI generated image

Cathie Wood, CEO of ARK Invest, has once again put forth a bullish argument, stating that Bitcoin (BTC) has virtually completed its bottom formation. As gold slipped by 4.04% over the past month while Bitcoin rose by 3.72%, Wood predicted that a long-term uptrend accompanied by significant volatility would resume.

According to crypto media outlet Benzinga on July 6 (local time), Wood analyzed Bitcoin's future trajectory on ARK Invest's podcast "In The Know." Wood noted that the Bitcoin-to-gold ratio maintained its bottom while gold declined.

Wood stated, "Bitcoin appears to be in the process of forming a bottom," adding, "Based on that criterion, I believe it has bottomed out, and although volatility is very high, it will resume a broad upward trend." The Bitcoin-to-gold ratio is around 15, a level similar to when it bottomed out and began rising in mid-2023.

Wood has repeatedly presented the view that gold prices tend to rise before a Bitcoin bull market. However, over the past month, the two assets moved in opposite directions. Bitcoin rose by 3.72%, while spot gold fell by 4.04%.

Despite a significant drop from its all-time high, Wood maintained her previous stance that the Bitcoin bull market is "intact" and stuck to her base scenario target of $730,000 for 2030. Last week, she described Bitcoin as a "wealth insurance policy" that cannot be obtained through AI growth investments.

Cantor Fitzgerald, in a recent report, estimated that the current bear market could reach its bottom around late October. While Wood diagnosed Bitcoin's bottom formation, Cantor Fitzgerald presented a different outlook, suggesting the low point could be around late October.

[Article Summary]

-Cathie Wood predicted that Bitcoin has formed a bottom and will resume a long-term upward trend accompanied by significant volatility.

-Over the past month, Bitcoin rose by 3.72%, while spot gold fell by 4.04%.

-Wood maintained her base scenario target of $730,000 for Bitcoin in 2030, but Cantor Fitzgerald suggested a potential bear market bottom around late October.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*