As Bitcoin's volatile performance continues to make investors nervous, a new analysis has arrived from Ark Invest.
ARK Invest, led by Cathie Wood, released its monthly report on September 13.
Noting that Bitcoin experienced a major decline in August, Ark Invest stated that BTC failed to surpass its 200-day moving average and short-term investors' cost price of $63,693 and $63,245, respectively.
In the face of this poor performance, Ade
Stating that Bitcoin could not make a significant leap after the sharp declines in August, ARK Invest analysts said that despite the declines, they are optimistic about the price due to historical data, MVRV Z-Score and macroeconomic conditions.
“Currently, Bitcoin’s most important price support levels are located at $52,000 and $46,000.
Despite the sharp declines in Bitcoin, we remain optimistic, as the declines Bitcoin is experiencing in 2024 coincide with corrections seen in major trends during historical bull markets.
Corrections of 30% or more from yearly highs typically indicate bull markets.”
Analysts also noted that Bitcoin’s MVRV Z-score remains in the bull market territory, suggesting that Bitcoin’s long-term bullish trend is continuing.
*This is not investment advice.
