CEO of Investment Giant: This Cryptocurrency Will Make 4,600 Percent!

Cathie Wood, CEO of investment giant Ark Invest, predicted that the largest cryptocurrency would rally more than 4,600%.

Cathie Wood is still behind the $1 trillion claim

Cathie Wood has made extra predictions for Bitcoin (BTC) in a new interview. Ark Invest CEO answered the question of whether his former “1 million dollar claim is current or not”. The famous CEO expects the Bitcoin price to rise more than 4,600% from its current level by 2030. However, she predicts that the market value will exceed $1 million. As you follow, Bitcoin’s price headed towards $21,000 on Nov. Information from TradingView shows that the price rallied overnight to reach weekly highs of $20,683.

“Institutional investors are switching to Bitcoin”

Wood said in part of the interview that Bitcoin is being adopted by institutional investors. The founder and CEO of ARK Invest argues that Bitcoin’s nearly 70% drop from ATH has boosted corporate class interest:

Institutions seem to be settling into Bitcoin. They use the drop in price from $70,000 to roughly $20,000 as an opening for a move to a different market.

According to Wood, institutional investors’ interest in Bitcoin was fueled by Boston, Massachusetts-based investment consultancy firm Cambridge Associates four years ago. Institutions that want to diversify their portfolio according to themselves follow this path:

Cambridge Associates, an institutional market advisor in 2018, told clients that although they dislike Bitcoin and think of it as a Ponzi scheme, it actually functions as a new asset class. This fueled their interest because what institutional investment managers can’t miss will diversify the portfolio, i.e. lower the correlation of returns. Bitcoin is doing just that right now.

On-chain information says crypto investors are frustrated by low prices

Glassnode recently reported that Bitcoin’s seller exhaustion constant is retesting 2018’s bottoms. According to the post, the metric is testing its lower range again when unrealized losses increase while volatility drops.

Seller exhaustion is an indication that Bitcoin may be about to shift gears in favor of the bulls. However, this result has to be compatible with ongoing on-chain features. On the other hand, BTC inflows have stabilized significantly since Wednesday, after falling earlier in the last 3 days of October.

The rate of BTC stock market exits has also seen a decline, especially since the beginning of November. This confirms the relative dormancy situation in the market as volatility decreases. This observation highlights the decreasing inbound selling pressure as well as the buying pressure. At the same time, the derivatives market saw a similar result. Bitcoin Futures permanent funding rate moves in a narrower range with smaller moves. This confirms a drop in demand in the derivatives market.

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