The $82,000 sell wall persists for BTC, but we still believe that it has a fighting chance to break that barrier and rise to $85,000 first and possibly to $100K if bullish momentum accelerates.
This week, the head of Ark Invest, Cathie Wood, revisited her long-term prediction for Bitcoin, stating that the token could be worth $1.25 million at some point in the future.
Cathie Woods Sees BTC Rising to $1.25M
During an interview with Fox News, Woods emphasized that this is their “bull case” and stated that this would involve a “generational wealth transfer” if it happens.
Woods believes that younger generations could see Bitcoin as a hedge against what they perceive as a “corrupt” fiat system, especially in emerging markets. She also mentioned “institutional adoption” as the most powerful driver for a higher valuation.
Despite the legendary investor’s comments, market participants have been pulling money out of Bitcoin exchange-traded funds (ETFs) in the past 6 days, according to data from Farside Investors.