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Bitcoin | Ark Invest's Cathie Wood: We are in a capitulation phase, indicators tell me it's time to buy

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Bitcoin | Ark Invest

The cryptocurrency market is experiencing significant volatility, with Bitcoin dropping over 50% from its all-time high. Cathie Wood, the founder of Ark Invest, stated in an interview with Bloomberg on the 20th that "We are in a capitulation phase, and all indicators are telling me it's time to buy." Note: This is Cathie Wood's habitual bullish view and is for reference only. Please invest rationally.

Cathie Wood: Perfect Buying Opportunity

ARK Investment, the investment firm led by Cathie Wood, holds a large amount of GBTC Grayscale Bitcoin Trust, Tesla stocks, and other cryptocurrency-related assets such as Coinbase. The company has also released reports advocating for corporate purchases of Bitcoin, predicting that the price of Bitcoin could reach $200,000 to $500,000. Bloomberg host interviewed founder Cathie Wood, asking, "Is it going to go lower now?"

Cathie Wood responded, "When the market becomes extremely emotional, you never know how low it will go."

She mentioned that many traders see Bitcoin dropping below the 200-day moving average, which is below $40,000. So when traders anticipate such a move, they sell and exit.

Cathie Wood said, "I think we are in a capitulation phase. We see all the indicators this morning that this is capitulation, and it's a very good buying opportunity. Whatever the asset is, it's on sale."

She continued, "Is $35,000 the low? If traders and speculators see Bitcoin break their critical support because it could continue, but all the indicators tell me that this is capitulation."

Believes Bitcoin Will Reach $500,000, Environmental Concerns Are a Worry

She still believes that Bitcoin will reach $500,000; the only thing that has changed is the environmental concerns raised by Bitcoin, prompting figures like Musk to reconsider.

However, she believes this will change. She mentioned that over 50% of Bitcoin produced using renewable energy is in China. They, along with Twitter founder Jack Dorsey's payment company Square, will host a conference in July to release a joint research report, believing that in the future, electricity infrastructure such as solar power generation, open power grids, and household power generation equipment will integrate Bitcoin mining and effectively utilize surplus renewable energy. This outcome will make Bitcoin more environmentally friendly and promote the popularity of solar energy.