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On October 16, 2024, Ark Invest, led by Cathie Wood, made an interesting prediction. They foresee a positive shift in Bitcoin’s price, BTC/USD. This outlook comes from the current oversold conditions in the Stablecoin Supply Ratio Oscillator, or SSRO.

According to their recent report, the SSRO hit an oversold level of -2.27 in early September. This level hasn’t been seen since the bear market lows of 2022. The SSRO measures Bitcoin’s potential purchasing power. It does this by dividing Bitcoin’s supply by the total supply of major stablecoins, expressed in BTC. They then plot the ratio's 200-day moving average along with two standard deviations above and below it. This creates bands known as Bollinger bands.

Ark Invest suggests that these oversold conditions could signal a positive trend for Bitcoin’s price. They point out two higher local lows at $52,530 in early September and $58,863 on October 10. This suggests that an uptrend may be forming.

This prediction comes as Bitcoin experiences a rally, growing by 7% this week. Cathie Wood has been bullish on Bitcoin. She even predicts a potential price of $3.8 million per unit by 2030. While this is theoretically possible, it seems unlikely in the near term.

Wood believes Bitcoin could reach that valuation if institutional investors allocated more than 5% of their portfolios to it. However, that scenario is considered quite unlikely. Besides Bitcoin, Ark Invest is also heavily invested in Ethereum, ETH/USD. They see Ethereum as an “institutional-grade asset” with potential for yield, predicting it will play a significant role in the financial services sector.

As of now, Bitcoin is trading at $67,194.97. That’s a 2.17% increase in the last 24 hours, according to Benzinga Pro.