Veteran investor Cathie Wood stated on Friday that Bitcoin (CRYPTO: BTC) has bottomed out and is on course to resume its “volatile” uptrend.
A Big Uptrend On The Way?
During Ark Invest’s In The Know podcast, Wood shared her analysis of Bitcoin’s ongoing trajectory.
She pointed to the Bitcoin-to-gold ratio chart, noting that the ratio was holding its floor while gold moved lower.
“It [Bitcoin] seems to be in a bottoming process. We believe that it has bottomed on this basis and will resume the very volatile but broad uptrend,” the Ark Invest CEO said.
The ratio currently stands at roughly 15, mirroring the levels observed in mid-2023 when it was advancing after bottoming out at.
Wood has frequently posited that gold prices tend to rally ahead of Bitcoin’s bull markets. If this thesis is to play out, gold needs to move higher first.
Over the last month, however, the two assets have diverged sharply. Bitcoin has gained ground while spot gold has slipped 4%
| Cryptocurrency | 30-Day Gains +/- |
|---|---|
| Bitcoin | +3.72% |
| Spot Gold |
-4.04% |
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Wood Remains Bullish
Wood has previously expressed her belief that Bitcoin’s bull market is “intact,” despite a sharp drawdown from its all-time highs. She maintains her $730,000 base case target for 2030.
Last week, she positioned Bitcoin as a "wealth insurance policy" that AI-driven growth investments cannot provide.
Wood’s conviction was also evident in Ark Invest buying shares of key cryptocurrency-linked stocks in late June, including Coinbase Global Inc. (NASDAQ:COIN), Robinhood Markets Inc. (NASDAQ:HOOD) and Bullish Inc. (NYSE:BLSH).
Notably, Cantor Fitzgerald estimated in a recent report that the current bear market could reach its bottom around late October.
Price Action: At the time of writing, BTC was exchanging hands at $63,268.85, up 0.79% in the last 24 hours, according to data from Benzinga Pro.
Coinbase shares closed 3.92% higher at $165.48 on Thursday. The COIN stock underperformed in short-, medium-, and long-term horizons, paired with a very low Momentum score, according to Benzinga’s Edge Stock Rankings.
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