Ark Invest Issues Statement on Bitcoin (BTC) Bottoming Out! Confusion reigns!

Bitcoin ($BTC) came very close to $80,000 on news that the ceasefire between the US and Iran had been extended, but failed in this attempt.

Although the price has fallen to the $77,000 level, talk of a bottom and a potential rise for $BTC is increasing. While there are various predictions at this point, Ark Invest analysts have also shared their analysis.

Ark Invest, whose CEO is the staunch Bitcoin supporter Cathie Wood, argues that Bitcoin has not yet reached the bottom of its cycle.

Ark Investment, which also has a spot Bitcoin ETF, analyzed in its new report that Bitcoin has not yet reached its bottom in the current cycle.

At this point, Ark Invest analysts believe the price has not yet bottomed out.

Analysts believe that a true bottom has not yet been reached because the $BTC price has not fallen below the key range between the average investor purchase price (realized price) of $54,000 and the average long-term investor purchase price of $50,000.

In contrast, the report states that the amount of Bitcoin held by long-term investors increased by 69% in the first quarter, rising from 2.13 million $BTC to 3.60 million $BTC. According to analysts, this 69% increase marks the fastest absorption period since the 2020 cycle.

This indicates that long-term investors absorbed the supply during the correction in Bitcoin’s price. Analysts interpret this buying speed by whales as strong players seeing the dip as an opportunity.

*This is not investment advice.