Cathie Wood: Bitcoin will rise sharply

ARK Invest founder Cathie Wood predicts Bitcoin will surge higher as BTC’s on-chain indicators flash bullish signals.

Wood said that on-chain indicators show that Bitcoin is bottoming out. “According to our indicators, short-term holders appear to have capitulated. This is very good news in terms of a bottom. The percentage of long-term holders is 65.7%, a record high. This means that they have been holding Bitcoin for at least a year. We have some very strong holders here.”

In addition to on-chain metrics, Wood said she is also keeping a close eye on the Bitcoin futures market, which she noted suggests is entering a period of increased volatility.

“Bitcoin futures are being sold at a discount to spot Bitcoin and during this period we expect volatility. Right now, we don’t know if it’s going to be up or down, but you can see from other indicators that our thinking right now or our judgment is that the next big move in Bitcoin will be to the upside,” she said.

Despite the optimism, Wood said they took a cautious approach following the Terra (LUNA) crash. She said, “Nevertheless, we remain vigilant. You know, the Terra disaster was a fiasco for cryptocurrencies, and I think that in terms of raising or giving regulators more incentives and reasons, they took a more heavy-handed approach than we expected to do more regulation.”