'We are about 55% to 65% of the way' to the end of the bull market, ARK Invest Research Associate David Puell told CoinDesk.
"We are about 55% to 65% of the way" to the end of the bull market, ARK Invest Research Associate David Puell told CoinDesk.The top cryptocurrency will likely suffer another major drawdown like in previous cycles.) has slumped back to $95,000 after coming within a few hundred dollars of passing the symbolic $100,000 price level. But the largest cryptocurrency is only catching its breath before surging to newer heights, according to investment management firm ARK Invest.
Puell’s calculus is based on bitcoin’s seasonality — a term referring to the ways the asset has behaved in various stages of previous bull markets — as well as on-chain metrics. In Puell’s view, cycles are very much still at play until any strong evidence of the contrary, meaning that he eventually expects a top to form and for bitcoin to experience another serious pullback like in 2022.
That would lend to the theory that bitcoin returns are diminishing each cycle as the asset matures — a $134,000 top would mean bitcoin would have only doubled its valuation compared to its 2021 top of $69,000. Back then, bitcoin had managed to triple its price compared to the 2017 cycle. Puell said ARK Invest was ready for such a scenario of diminishing returns, but that data was inconclusive so far.a bullish target of $1 million to $1.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin to Hit $1.5 Million by 2030, Says ARK's Cathie WoodARK Invest updated its bull case scenario for Bitcoin price to $1.5 million
Read more »
Post-Election Landscape: Ark Invest’s Cathie Wood Says There’s More Clarity for InvestmentsCrypto Blog
Read more »
CEO predicts Trump policies will 'turbocharge' economy more than ReaganArk Invest CEO says deficit will decrease because of Trump, Musk
Read more »
EUR/BTC Down by 80% Since This Scary ECB Prediction for CryptoTop crypto researcher Charles Edwards recalled epic ECB document that forecasted 'irrelevance' for Bitcoin (BTC)
Read more »
Michael Saylor Issues Bitcoin "Space Travel" Tweet As BTC Gets Close to $90,000Bitcoin evangelist Saylor breaks silence comment as BTC approaches $90,000
Read more »
Satoshi-Era Bitcoin Whale With 636,437% Gains Transfers out First BTC in YearsBitcoin wallet acquired its BTC stash when price was $13.49
Read more »