Cathie Wood, CEO of Ark Invest and known as a big bull, has made a bold prediction for Bitcoin.
Speaking on CNBC’s ‘Halftime Report’ program, Cathie Wood stated that the price of Bitcoin (BTC) has largely completed its four-year downtrend.
Cathie Wood stated that the downtrend in Bitcoin is largely nearing its end, describing the recent pullback as one of the shallowest corrections in Bitcoin’s market cycles.
Wood dismissed fears that Bitcoin would face a prolonged correction, saying, “We’ve largely gotten through the downcycle, we’re very close to the bottom.”
According to Wood, Bitcoin investors should currently be bullish because Bitcoin hasn’t experienced much of a rise by historical bullish standards. Wood stated that the last bull market was lackluster by historical standards, which is limiting the severity of the current pullback.
While Wood generally maintains a bullish outlook, he nevertheless cautioned investors that BTC could retest the support level around $80,000 before making a bounce towards a new all-time high.
Wood added that this drop in Bitcoin would be the shortest decline in the four-year cycle.
“We will experience the shallowest decline in Bitcoin’s short history, and then we will rise again.”
*This is not investment advice.
