ARK Invest has identified $52,000 and $46,000 as the most important price support levels for Bitcoin.
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.
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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