- BTC was still in a bull market, according to Ark Invest’s CEO.
- U.S. spot BTC ETFs saw a 3-day inflow streak, but can it boost BTC recovery?
Despite recent Bitcoin [BTC] losses and bear market calls, Ark Invest’s CEO Cathie Wood was positive about the cryptocurrency’s outlook. In a Bloomberg interview, Wood reiterated that the market was still in a bull market.
“Bitcoin is a little bit halfway through the 4-year cycle. We think we’re still in a bull market, and U.S. deregulation is important for institutions moving into this new asset class.”
The exec maintained her $1.5M BTC price target by 2030.
Mixed views on Bitcoin
Bitwise’s CIO Matt Hougan also echoed Wood’s bullish sentiment, stating if the current macro uncertainty was lifted, the asset could top $200K by the end of the year.
The bullish projections were aligned with the MVRV-Z score, a common valuation model and cycle top indicator. It was at 1.5 and close to last year’s local bottom. Interestingly, the indicator topped out in December nearly at the same level it did in Q1 2024.
However, compared to past cycle tops above 6 (upper band), BTC had room for growth if historical trends were repeated.
Source: BM Pro
But, CryptoQuant’s CEO, Ki Young Ju, made a bear call and noted that the bull market was over for the next 6–12 months. The analyst cited weak ETF flows and volume to push BTC beyond $100K.
Here, it’s worth noting that the ETF products logged three consecutive days of inflows, reversing the worrying outflow trend seen in the past three weeks.
On the 17th of March, they saw $274.5M inflows, followed by another $209M demand on the 18th of March, per Soso Value data.
Whether the renewed demand will extend and boost BTC recovery in the short term remains to be seen. As of this writing, BTC was valued at $83K ahead of the Fed rate announcement.
