The post Here’s When Bitcoin (BTC) Price Might Hit $1 Million – CEO of Ark Invest Predicts Timeline appeared first on Coinpedia Fintech News
The recent approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC) has marked a significant milestone for the cryptocurrency market. The ETF, launched with much anticipation, recorded a groundbreaking trading volume of over $3 billion within the first few hours, surpassing even the trading volume of Gold ETFs. This development has excited crypto enthusiasts who have been eagerly awaiting the approval of such an ETF.
Eric Balchunas of Bloomberg ETF also highlighted the unprecedented activity on the ETF’s first day, with 700,000 individual transactions. Despite the Grayscale Bitcoin Trust (GBTC) trading at a discount, indicative of potential selling, the collective trading volume across various funds, including IBIT, FBTC, and ARKB, reached a staggering $4.33 billion.
With the markets filled with high hopes of ETFs, questions are arising like: “Is Bitcoin ready to reach the $1M mark?” or “Will Bitcoin ever go up?” or “Where will Bitcoin be in 5 years?”
ARK Invest’s Cathie Wood Predicts Bitcoin To Reach $1.5M by 2030
Renowned investor and CEO of Ark Invest, Cathie Wood, known for her forward-thinking investment strategies, has made bold predictions for Bitcoin’s future. Wood forecasts a base case scenario with Bitcoin reaching $600,000 and a bull case scenario where it could soar to an astonishing $1.5 million by the year 2030. This optimistic outlook comes amidst a surge in market activity, triggered by the launch of the spot Bitcoin ETF.
Cathie Wood’s optimistic forecast for Bitcoin’s future is based on several factors. Institutional adoption is a key driver, positioning Bitcoin as not only a store of value for enthusiasts but also as a tool for institutional-grade risk diversification. The fixed supply cap of 21 million coins contrasts with the increasing supply of fiat currencies, potentially establishing Bitcoin as a deflationary asset. Additionally, Bitcoin’s network effect, technological advancements, and increased accessibility contribute to its positive trajectory for continued growth.
Bitcoin’s Market Activity and Options Outlook
The options market, featuring 36,000 Bitcoin options and 262,000 Ethereum options set to expire, reflects significant activity with a notional value of $1.68 billion. Bitcoin’s steady ascent, consistently supported above the 50-day and 100-day EMAs, signals a bullish trend. Current market movements indicate a healthy consolidation, hinting at the potential for further upside.
Will BTC Break $50K?
Bitcoin’s recent surge, currently priced at $46,154, suggests a potential breakout rally in 2024, backed by influential figures like Michael Saylor and Cathie Wood. The positive trend on the weekly chart, featuring a long-wick bullish engulfing candle and a year-long recovery trend, indicates a strong bull run. Despite resistance at $46,758, a positive weekly close could propel Bitcoin beyond the $50,000 mark, offering an entry point for traders.