ARK Invest CEO Cathie Wood believes Bitcoin's bull market is only halfway through. Her team's analysis suggests the crypto asset still has room to run. So don't be distracted by recent price hurdles, we are still going up, Wood says.
Wood shared her insights in a recent YouTube chat with tech entrepreneur Peter Diamandis. She's not mincing words about Bitcoin's potential.
"We believe we're halfway through this bull market," Wood stated. Her team's on-chain analytics support this view.
However, Wood cautioned that price increases might not be linear. "At the end of a bull market prices tend to go parabolic," she explained.
ARK's confidence stems from comparing current on-chain metrics to Bitcoin's decade-long history. Four ARK analysts, including a Bitcoin specialist, contribute to this research.
Wood also dropped a bombshell prediction about institutional adoption. She expects a major wirehouse to list spot Bitcoin ETFs soon.
"Not one major wirehouse has put a Bitcoin ETF on its platform yet," Wood noted. She listed Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch as examples.
But change is coming. "Within the next few months, one will," Wood predicted. She thinks smaller firms might move first.
"It may be an independent RIA like LPL," Wood suggested. "They tend to move a little more quickly."
Once one firm lists a spot Bitcoin ETF, Wood expects others to follow suit rapidly. This could open the floodgates for wider Bitcoin adoption.
At the time of writing, Bitcoin was trading at $57,643, up 3.5% in 24 hours. The market is keeping a close eye on these developments.