As a self-proclaimed early adopter of bitcoin, Cathie Wood rarely shies away from making bold predictions about the space. The founder and CEO of ARK Investment Management bought $100,000 worth of BTC at around $250 a few years ago, and she has yet to sell it.
Wood is bullish about the future of bitcoin, stating in an interview with Peter McCormack on the “What Bitcoin Did” podcast that she does not doubt it will eventually become a global currency. She also believes that BTC is still in its infancy and could eventually be used for a wide range of everyday purchases, from buying coffee to making peer-to-peer payments.
But Wood’s confidence in bitcoin is only one part of the reason why she has been dubbed as ‘the female face of crypto.’ She’s also known for being an outspoken critic of traditional investment firms, many of which continue to ignore the growing crypto asset class.
Wood argues that these firms are missing out on a huge opportunity, especially since many already have the infrastructure and operational expertise to trade and manage digital assets, rather than viewing bitcoin as a new investment product that requires careful evaluation.
What is Bitcoin’s technical outlook?
At the moment, Bitcoin’s technical outlook is somewhat mixed. On the one hand, many technical indicators show continued bullish momentum in the market. For example, the Relative Strength Index (RSI), which measures the magnitude and speed of price changes over time, indicates that BTC is currently overbought and could be due for a downward correction.
Source: Tradingview
However, other indicators suggest that the market could continue to remain bullish for some time yet. For instance, the Moving Average Convergence Divergence (MACD) shows that Bitcoin’s momentum is picking up again after a brief dip in activity. Additionally, some analysts predict that the ongoing institutional investment and regulatory developments in the space could further support Bitcoin’s price moving forward.
Overall, it is difficult to predict precisely how Bitcoin’s technical outlook will evolve over the coming months. However, given the current market conditions and recent positive news about institutional investment and regulatory clarity, there is a good chance that the market could continue to see upward momentum soon.
Conclusion
Cathie Wood remains bullish about Bitcoin’s long-term potential despite the volatility and uncertainty that characterizes the cryptocurrency market. With ongoing institutional investment, regulatory developments in the space, and strong technical indicators, there is good reason to believe Bitcoin will continue to see upward momentum in the months ahead.
