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Author: Assad Jafri, CryptoSlate; Compilation: Deng Tong, Bitchain Vision
ARK Invest CEO Cathie Wood recently announced thatBitcoin (BTC) will break the $1 million mark by expected 2030, this is her company’s previous bull market schedule.
This updated price target is the result of new institutional participation and major regulatory milestones, especially the U.S. approval of the first spot Bitcoin exchange-traded fund (ETF).
Revised outlook
On March 7, Wood said in an interview with the New Zealand Herald thatThe launch of spot ETFs marks a major turning point, marking the wider acceptance and integration of Bitcoin into the traditional financial system.
The SEC approval and subsequent record-breaking performance of these ETFs accelerated the appreciation of Bitcoin’s value.
Wood noted that major banks such as Morgan Stanley, Merrill Lynch or Bank of America have not yet joined the ranks of institutions pushing Bitcoin, indicating that the price surge in Bitcoin is coming.She said:
“No platform has approved Bitcoin yet, so all this price action happened before they approved Bitcoin, so we haven’t even started.”
Wood said that as things continue to develop and people’s interest in spot ETFs increases, ARK Invest now believes the initial goal of reaching $1 million by 2030 is too conservative.
The company has revised its outlook to much higher than the initially estimated figures, which could more than double the incremental price assumptions for Bitcoin, driven by new expectations for institutional participation.
Break ATH
Wood’s forecast is based on strong ETF inflows and the real price discovery could emerge if Bitcoin breaks through the $70,000 mark without encountering the major technical issues Coinbase faced last week.
Wood said Bitcoin’s recent price performance marks a shift in institutional water trends,She expects the flagship cryptocurrency to have a market cap of $20 trillion in the next few years, which will put its price per token just below $1 million.
Her remarks are backed by Bitcoin’s unprecedented record highs in the weeks leading up to the halving, with the halving expected to take place in late April.Bitcoin briefly hit record highs on March 5 and March 8, before undergoing two drastic adjustments.
On March 10, Bitcoin tried to break through $70,000 again, but the weekend’s traffic wasn’t enough to push it to break through the threshold.As of press time, Bitcoin was trading at $69,400, with a strong demand area below the $69,000 mark, and there was extreme selling pressure above that range.
