Ark Invest: Bitcoin Bull Run 'In The Early To Middle Stages'
Portfolio Pulse from Murtuza Merchant
Ark Invest's report suggests Bitcoin is in the early to middle stages of a bull run, citing a 16.5% price increase in March and a 68.6% rise in Q1. The report uses the MVRV Z-Score to argue Bitcoin is not overvalued. It also notes record inflows into spot Bitcoin ETFs, despite some long-term holders taking profits. The analysis includes global economic factors and predicts considerable growth for Bitcoin before reaching overbought conditions.
April 11, 2024 | 7:20 pm
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Ark Invest's analysis suggests Bitcoin is in the early to middle stages of a bull run, with significant price increases and healthy market indicators pointing towards further growth.
The report's positive outlook on Bitcoin, based on the MVRV Z-Score and record ETF inflows, suggests a bullish sentiment that could drive short-term price increases. The analysis of profit-taking by long-term holders balanced by new investor inflows further supports the potential for continued growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100