ARK Invest CEO Cathie Wood Reaffirms Bitcoin Bet, Predicts Price To Hit $1.5 Million By 2030

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In a bold move, ARK Invest CEO Cathie Wood has reaffirmed her bet on Bitcoin, predicting that the cryptocurrency’s price could surge to $1.5 million by 2030. Wood’s optimistic forecast comes on the heels of the recent approval of the spot Bitcoin ETF earlier this week, signalling a significant development in the cryptocurrency market.

During an interview with CNBC this week, the Wall Street expert stated she expects Bitcoin’s price to surge past half a million by 2030.

Our base case is in the $600,000 dollar range. Our bull case, we think the probability of the bull case has increased with this S.E.C. Approval…Our bull case is $1.5 million by 2030,” said Wood.

She further emphasized the conservative nature of their projections and highlighted Bitcoin’s role as the first global decentralized digital rules-based monetary system in history.

Wood further expressed the belief that the approval of the Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) serves as a green light, increasing the probability of achieving her bullish price target. She also addressed the potential evolution of Bitcoin from a digital asset to a currency, aligning with the three traditional roles of money, namely, a store of value, means of exchange, and unit of account.

Notably, other experts in the field have also expressed bullish sentiments regarding Bitcoin’s short-term prospects. In a separate interview with CNBC, Fundstrat managing partner Tom Lee predicted that Bitcoin could reach over $100,000 in the next 12 months, possibly hitting half a million within five years.

I think in the next 12 months, something over 100,000. You know, maybe over 150,000. You know, in the next five years, again, it’s, you know, there’s a finite supply, but now we have a potentially huge increase in demand.” He said.

However, despite these optimistic forecasts, the market response to the ETF approval has been underwhelming, with Bitcoin experiencing a sharp decline of over 12% since Wednesday. Notably, renowned analyst Ali Martinez pointed to concerning signs, highlighting the Inter-exchange Flow Pulse (IFP) falling below its 90-day average. Historically, this indicator has preceded bearish turns in the crypto market, which means Bitcoin is likely to pull back further.

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Earlier on Saturday, the pundit also pointed to a weekly Bitcoin candlestick that draws attention due to its bearish rejection wick. He further referenced the TD sequential indicator presenting a sell signal, suggesting a potential correction of one to four weekly candlesticks before Bitcoin resumes its upward trend.

That said, despite this disparity in viewpoints among experts on price, a consensus emerges that the approval of the spot Bitcoin ETF holds positive implications for the long-term prospects of the entire cryptocurrency market.

BTC was trading at $41,629 at press time, reflecting a 0.32% drop over the past 24 hours.

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