ARK Invest founder Cathie Wood said Bitcoin is preparing for another major rally and reiterated her view that it could eventually reach $1.5 million. According to ChainCatcher, Wood has maintained that target even when many people initially dismissed it.

Wood said her bullish case is based on three main factors: institutional adoption, Bitcoin's fixed supply, and its growing role as a true digital store of value. She has also said a potential catalyst that could accelerate the timeline is the U.S. government buying Bitcoin.