Despite ongoing uncertainty over FTX customers’ lost funds, an ongoing criminal trial of Sam Bankman-Fried, and the Crypto Winter’s continued impact on deflated coin values, ARK Investment Management remains optimistic about Bitcoin’s future.
Bitcoin is currently trading at: [crypto coins=”BTC” type=”text” show=”price”]
ARK, which has consistently invested in crypto and crypto companies during the sector’s downturn, predicts that Bitcoin will reach a value of $1.48 million by 2030. In a recent report, ARK forecasts a 6,300% increase in Bitcoin’s value over the next seven years. Despite its current trading value of $23,000, down from its all-time high of $70,000 in November 2021, ARK remains confident in Bitcoin’s blockchain technology and believes it will become a multitrillion-dollar market.
Institutional investors, including BlackRock and Fidelity, have not abandoned their commitment to Bitcoin, further reinforcing its strong fundamentals. Even in ARK’s worst-case scenario, Bitcoin is expected to reach a value of $258,500 by 2030.
Bitcoin to Hit $45k by Christmas 2023
U.S. institutions may have contributed to Bitcoin’s (BTC) 38% rally in January, according to a research report from Matrixport. The report states that a strong January performance for Bitcoin has historically been a bullish indicator, with positive returns in five out of the six years that Bitcoin rallied in January. The average annual gain after a January rally was 245%.
The only exception was in 2014, following a bull market peak. Matrixport predicts the expected March 2024 halving cycle could drive the 2023 bull market, increasing the likelihood of Bitcoin’s price doubling by year end. The report projects that Bitcoin could reach $45,000 by the end of the year.
