Cathie Wood, the CEO of Ark Investment Management, believes that Bitcoin’s performance during the current crisis will attract more institutions. Despite facing challenges such as regulatory crackdowns and bankruptcies, the digital asset market has gained about $390bn in 2023 after experiencing a $1.5tn decline last year. While the rally has slowed down, analysts remain optimistic about its future gains.
Bitcoin has experienced a 70% increase since the beginning of the year, and technical studies suggest that it could reach a price objective of $35,000. The recent increase in the Federal Reserve’s balance sheet has also positively impacted Bitcoin and other risk assets. Though a temporary pullback may occur, experts suggest that Bitcoin could experience a long-term breakout soon.