A Bitcoin expert from ARK Invest is saying that the cryptocurrency might be on the verge of a big price jump.
Three Bullish Signals
David Puell, the analyst, has identified three key indicators that suggest a positive outlook for Bitcoin:
- Bitcoin is breaking out of a recent price pattern. It’s been bouncing off key support levels and showing signs of strength.
- Stablecoins are poised to buy Bitcoin.
The Stablecoin Supply Ratio (SSR) is at a low point, meaning there’s a lot of stablecoin money available to buy Bitcoin.
- Global money supply is increasing. This could lead to more investment in Bitcoin, as investors seek alternative assets.
What Does This Mean for Bitcoin?
Puell believes these factors suggest that Bitcoin could be on its way to a significant price increase. He points out that ARK’s own profitability index for Bitcoin also supports this view.
Disclaimer:
This is just one analyst’s opinion, and it’s important to do your own research before making any investment decisions. Bitcoin is a volatile asset, and prices can fluctuate significantly. /p>
