Cathie Wood's Ark Invest Says 'Uptrend' Developing In Bitcoin's Market Structure Because Of This Reason

Benzinga10-16

Asset management giant Ark Invest predicted a positive turn for Bitcoin’s BTC/USD price on account of the oversold conditions witnessed for the Stablecoin Supply Ratio Oscillator (SSRO.) What Happened...

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The ratio’s 200-day moving average, plus 2 standard deviations above and below, is then plotted. The SSRO tracks how the ratio fluctuates between these two standard deviation bands, also known as Bollinger bands.\nARK Invest posits that these oversold conditions could signal a positive turn for Bitcoin’s price. This hopeful outlook was supported by the formation of two higher local lows seen at $52,530 in early September and at $58,863 on Oct. 10, suggesting that an uptrend may be forming in the asset’s market structure\nSee Also: Coin That Underpins Dogecoin Becomes Market’s Biggest Gainer— Litecoin Pops 7% After Filing Of Spot ETF Application\nWhy It Matters: The latest prediction comes amid Bitcoin’s strengthening rally, which has seen the leading cryptocurrency grow by 7% this week.\nNotably, CEO Wood has previously expressed bullish sentiments about Bitcoin, predicting a potential surge to a per-unit price of $3.8 million by 2030. Although not impossible, it is very unlikely for BTC to achieve these numbers any time soon.\nAccording to Wood, Bitcoin would hit such a valuation if institutional investors allocated more than 5% of their portfolios into it, a highly unlikely phenomenon.\nApart from Bitcoin, ARK Invest was also betting big on Ethereum ETH/USD. The firm viewed Ethereum as an “institutional-grade asset” with yield-bearing potential, predicting it to play a critical role in the financial services industry.\nPrice Action: At the time of writing, Bitcoin was exchanging hands at $67,194.97, up 2.17% in the last 24 hours, according to data from Benzinga Pro.\nRead Next: \n\nElizabeth Warren Says Rival John Deaton Wants To Go To Washington To Fight For His ‘Crypto Buddies’ — Republican Fires Back, Claiming He’s Upset Crypto Billionaires More Than Anyone Else\n\nDisclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.\nPhoto courtesy: Ark Invest Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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