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.
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.