Cathie Wood follows Peter Brandt’s example and turns bearish on Bitcoin

Two striking admissions this week about Bitcoin’s short-term performance. Following chart specialist Peter Brandt, who suddenly indicated a fairly clear negative trend just before Bitcoin’s fall below $100,000 this week, Cathie Wood is now also bearish on Bitcoin. She offers a different explanation, however. According to her, Bitcoin will lose ground due to the rise of stablecoins.

Bearish

Two Wall Street legends discussed their Bitcoin price forecasts for the coming weeks and months, and both were fairly negative. Renowned stock picker Cathie Wood sees stablecoins slowly but surely taking over a portion of the crypto market, and Peter Brandt, who has been watching stock charts for 30 years, saw a clear drop in the short-term charts just before it actually occurred.

Wood has been a Bitcoin bull for years and therefore consistently has her Ark fund make crypto-related purchases. However, ever since the introduction of the Genius Act, she believes stablecoins will also claim a significant place on the market, taking up a part of Bitcoin’s place in investor portfolios.

Like Brandt, she is still bullish over the long term but bearish in the short term. We still don’t know what this will mean for the Bitcoin price, but at the moment, it seems to be struggling to regain the higher levels.

At the time of writing, Bitcoin is trading at $101,000.