Bitcoin Price Catalyst: ARK Investments Selling China and Buying Bitcoin
Popular crypto channel A Chain of Block shares the recent Bitcoin (BTC) price catalysts and their predictions for BTC to top out at $250k in 2021.
One of the price catalysts for the recent Bitcoin movement is that Ark Invest is rapidly shedding Chinese stocks to buy Bitcoin.
According to the trader, Ark Invest has been getting out of Chinese stocks amid a sell-off that has plunged most Chinese stocks down 10% over the past month following surprising intervention in the market by the Chinese Communist Party.
“Last week, the ARX Next Generation ETF bought 140,157 Grayscale shares (GBTC), just a day after buying 310,000 such shares, bringing it to a total of $11 million at the current price.”
He adds that the company has also bought close to a million (876,157) Coinbase shares worth more than $200 million at the current trading price, in addition to $88.74 million of Twitter shares after Jack Dorsey said bitcoin will be a “big part” of the social media company’s future.
Besides, the crypto channel also cites the prediction of crypto veteran Bobby Lee who who accurately called for a 50% drop in BTC once it approached the $70,000 level.
“The latter half of this year Bitcoin will go back above $65,000. I think it’ll peak out over $250,000 later this year.”
As the crypto channel says, this would represent a potential rise of over 570% to Bobby Lee’s year-end price target.