ARK Invest’s head predicted the end of a bear market

What’s new? ARK Invest founder Cathie Wood has said that the increasing correlation between the price of cryptocurrencies and traditional assets indicates the approaching end of a bear market. In her new YouTube video, Wood stated that the “bottom” for the price of bitcoin and other digital assets is probably near. The value of the first cryptocurrency is falling along with the stock market, which according to Wood is a temporary phenomenon.

Cathie Wood’s video

What else did Wood add? The founder of ARK Invest remains confident in the long-term profitability of cryptocurrencies. According to Wood, the blockchain sphere offers opportunities for exponential growth. She claims that this sector will grow 21 times over the next seven to eight years.

“I’ve been around in the business for 45 years, and I’ve never seen the opportunities I see now. According to our expectations, truly disruptive innovation, which right now is valued in the global public equity markets at roughly $10 trillion, roughly 10% of the global equity market cap,” Wood said.

What is Ark Invest? It is a US-based investment company that manages several investment funds. According to Forbes, it is one of the fastest growing and most efficient corporations in the world. Ark Invest was founded in 2014 by Cathie Wood.

What happened before? Crypto analyst Benjamin Cowen predicted a “choppy” movement of bitcoin in the coming months meaning the asset would trade without a clear direction. The cryptocurrency would need to rise above two key resistance levels to break out of its current trading range.

Trader and crypto analyst Tone Vays said that bitcoin would continue to fall over the next few months and could reach the $23 000 mark. Referring to the charts, Vays says that BTC looks “absolutely terrible” as it is giving a lot of bear market signals.

Analyst PlanB adjusted its prediction for bitcoin. According to the Stock to Flow (S2F) prediction model, BTC should reach $55 000 by the summer of 2022. Previously, he claimed that by this time the first cryptocurrency would be trading at $100 000.