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Reading: ARK Invest Highlights Two Critical Bitcoin Levels, Reveals Long-Term Outlook
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Deythere > News > News > ARK Invest Highlights Two Critical Bitcoin Levels, Reveals Long-Term Outlook
News

ARK Invest Highlights Two Critical Bitcoin Levels, Reveals Long-Term Outlook

ARK Invests analysis of Bitcoins critical support levels. The image prominently displays the Bitcoin logo wit
Milena Volodina
Last updated: September 13, 2024 1:30 pm
By
Milena Volodina
Published September 13, 2024
2 Min Read
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ARK Invest has identified $52,000 and $46,000 as the most important price support levels for Bitcoin.

Contents
  • Critical Support Levels for Bitcoin
  • Long-Term Outlook Remains Bullish

As Bitcoin continues its volatile performance, unsettling investors, ARK Invest has released a new analysis, providing insight into its future trajectory.

Led by Cathie Wood, ARK Invest published its monthly report on September 13, noting Bitcoin’s significant drop in August.

Despite a weak performance, ARK Invest analysts remain optimistic about Bitcoin’s price, citing historical data, the MVRV Z-Score, and macroeconomic conditions.

Critical Support Levels for Bitcoin

ARK Invest’s analysis emphasizes that Bitcoin’s major support levels are at $52,000 and $46,000. Although Bitcoin experienced sharp declines in August and failed to surpass its 200-day moving average of $63,693 and $63,245, analysts remain bullish.

The report explains:

“Despite Bitcoin’s sharp declines, we remain optimistic. The drops seen in 2024 align with corrections typically observed during significant bull market trends.”

The analysts added that corrections of 30% or more from yearly highs often signal a bull market. They also pointed to Bitcoin’s MVRV Z-Score, which continues to remain in bullish territory, indicating the long-term upward trend is intact.

ARK Invests analysis of critical Bitcoin support levels. The image features the Bitcoin logo alongside key support levels like

Long-Term Outlook Remains Bullish

Despite short-term fluctuations, ARK Invest maintains a positive outlook on Bitcoin, suggesting that current price movements are in line with past corrections seen during bull markets. As investors watch the critical $52,000 and $46,000 support levels, ARK’s analysis highlights the potential for Bitcoin to maintain its long-term bullish momentum.

Bitcoin support levels, ARK Invest Bitcoin analysis, MVRV Z-Score, long-term Bitcoin forecast, Cathie Wood

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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