While Bitcoin worries investors with its declines, analysts say that these corrections are healthy and the bull market continues.
One of them was the famous Bitcoin bull Cathie Wood.
Speaking in an interview with tech entrepreneur Peter Diamandis on YouTube, ARK Invest CEO Cathie Wood said Bitcoin is in the middle of its bull cycle.
At this point, Cathie Wood argued that the Bitcoin price tends to exhibit a parabolic rise towards the end of the bull market.
“If we analyze Bitcoin based on on-chain data, we believe we are halfway through the current bull market.
And just because we're halfway there doesn't mean we're halfway through price growth, because, you know, at the end of a bull market, prices tend to go parabolic.
“Just based on on-chain data and ten years of history, we feel very strongly that we are halfway through the bull market.”
At Least One Bank Will Offer Spot Bitcoin ETF to Its Customers!
Wood also stated that institutional demand for Bitcoin will continue to increase and claimed that within the next few months, at least one major bank will list spot Bitcoin ETFs on their own platforms, that is, offer them to their customers.
According to Wood, this move could enable Bitcoin adoption and price to increase rapidly.
“What's very interesting is that since ETFs launched in January, none of the major (we call them brokers) institutions like Morgan Stanley, UBS, Wells Fargo, Bank of America, Merrill Lynch have yet put a Bitcoin ETF on their platform.
They all show due care. And I think what's going to happen in the next few months is someone is going to put it on their platform.
Once someone adds a spot Bitcoin ETF to their platform, others will follow suit pretty quickly.”
*This is not investment advice.
