ARK Invest analyst says Bitcoin cycle bottom not confirmed

ARK Invest analyst David Puell stated that while Bitcoin's recent gains are encouraging, it is too early to confirm the cycle bottom. In an interview, Puell noted that bullish momentum has emerged for the first time in years, driven by a short squeeze in the futures market. He mentioned that selling pressure appears to be fading, but further downside remains possible. For a genuine bullish trend reversal, Bitcoin needs to show a sustained pattern of higher highs and higher lows, with the SOPR indicator remaining above one for several months. Puell also highlighted that due to September's historical seasonal weakness, Bitcoin might move sideways or undergo a correction before forming a higher low. Regarding quantum computing risks, Puell indicated that this technology could pose a significant risk to Bitcoin in the next five to ten years, particularly concerning BTC believed to be held by Satoshi Nakamoto and other long-dormant coins, estimated at 1.1 million to 2.6 million BTC. He suggested redirecting that supply into a security budget or recovering it through escrow and legal claims instead of freezing it permanently.

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