Bitcoin (BTC<\/a>) has a \u201cneutral to positive\u201d outlook despite staying below $20,000, according to ARK Investment Management.<\/p>\n In its latest “Bitcoin Monthly<\/a>”\u00a0report, the American asset management giant flagged signs that BTC price action is close to bottoming.<\/p>\n One of Bitcoin\u2019s most vocal supporters, ARK and CEO, Cathie Wood, have stuck with BTC exposure<\/a> as the market continues to fall from all-time highs.<\/p>\n The latest Bitcoin Monthly release confirms that conviction, with Wood, analysts and research associate David Puell suggesting that little ground remains to be covered before BTC\/USD reverses.<\/p>\n \u201cDown 70% from its all-time high, bitcoin is trading at or below some of its most important levels: its 200-week moving average, the general cost basis of the market (realized price), the cost bases of long-term (LTH) and short-term holders (STH), and its 2017 peak,\u201d the report reads. <\/p>\n \u201cTrading below these levels is atypical and suggests extremely oversold conditions. Only four times in history has bitcoin traded below price levels relative to these means.\u201d<\/p><\/blockquote>\n As such, most of the losses should have already come, if history is a guide. Among indicators yet to see absolute lows are the MVRV ratio \u2014 the ratio of realized cap and the cost basis of entities hodling for different lengths of time.<\/p>\n \u201cHistorically, global bottoms occur when the MVRV of short term holders exceeds the MVRV of long term holders,\u201d ARK explained. <\/p>\n \u201cThat condition has not been met, suggesting the potential for more downside.\u201d<\/p><\/blockquote>\n Generally, however, Wood in particular sees little cause for concern as Bitcoin markets weather a macro storm of significant historical proportions.<\/p>\n In the latest edition of ARK\u2019s podcast, \u201cIn the Know<\/a>,\u201d released July 1, she described the firm\u2019s attitude to BTC as \u201cneutral to positive\u201d overall.<\/p>\n \u201cWe\u2019re waiting for a few more capitulation signals and, of course, time will tell on the systemic side here. We haven\u2019t heard of another stress signal in the last few days, so that\u2019s good as well,\u201d Wood said.<\/p>\n ARK\u2019s position meanwhile echoes those of various market commentators.<\/p>\n Related:\u00a0\u2018Wild ride\u2019 lower for BTC? 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n As Cointelegraph continues to report<\/a>, consensus is building around a drop to around $16,000, with the majority of on-chain indicators already at lows seen either rarely or never before.<\/p>\n $BTC<\/a><\/p>\n Lower highs all the time. Pumps have low volume and they look corrective.<\/p>\n Main target remains $15,800-16,200 pic.twitter.com\/HNAB8MXQZZ<\/a><\/p>\n \u2014 il Capo Of Crypto (@CryptoCapo_) July 5, 2022<\/a><\/p><\/blockquote>\n \u201cHistorically, the 200-week MA has figured as a bottom indicator for BTC. In this cycle, things may be a bit different,\u201d popular trader and analyst Rekt Capital told<\/a> Twitter followers late last week, continuing the theme touched on by ARK. <\/p>\n \u201cInstead of $BTC bottoming at the 200MA, it may form a macro range below it. Anything below the 200MA will likely represent peak opportunity.\u201d<\/p><\/blockquote>\n The 200-week MA currently sits at just above $22,550, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows, and has never stopped rising.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\nWood: “We’re waiting for more capitulation signals”<\/h2>\n
Price downside still tipped to continue<\/h2>\n
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