Cathie Wood, CEO of Ark Invest, believes that Bitcoin's (CRYPTO:BTC) current bull market phase is only midway, emphasising her confidence in the cryptocurrency's long-term potential despite recent market pressures.

In an interview, Wood discussed Ark Invest's on-chain analytics suggesting that while BTC is halfway through its bullish cycle, significant price increases typically occur towards the cycle's end.

Wood highlighted the impact of institutional adoption and the potential introduction of Bitcoin Spot ETFs by major brokerage firms as catalysts for Bitcoin's future price acceleration.

She reiterated her bullish prediction that Bitcoin could reach $1.5 million per BTC by 2030, citing institutional decisions, Bitcoin's role as a gold alternative, and its appeal as an insurance policy among factors driving this projection.