Key Points
- ARK Invest predicts Bitcoin could surge to $2.4 million by 2030 due to increasing adoption and scarcity.
- Bitcoin’s consolidation phase may last a week before targeting $100k or $103k, according to AMBCrypto.
ARK Invest has recently published a research update that suggests a bullish future for Bitcoin (BTC). The firm predicts that, in an optimistic scenario, the cryptocurrency could reach a value of $2.4 million by 2030.
Factors Influencing the Prediction
The forecast is based on three main factors. Firstly, there is an increasing institutional allocation as asset managers and corporate treasuries deepen their involvement in Bitcoin.
The second factor is the narrative of Bitcoin as “digital gold”. This positions BTC as a potential store of value with a market cap comparable to gold’s $18 trillion.
Lastly, the growing demand from emerging markets where Bitcoin could serve as a hedge against inflation is also a significant factor.
If this bullish prediction comes true, Bitcoin’s market capitalization would reach an astonishing $49 trillion, surpassing the combined GDP of the U.S. and China.
Market Sentiment and Community Reactions
The market sentiment is currently leaning towards the bulls as Bitcoin continues its upward momentum. Indicators like the RSI and CMF suggest stronger buying pressure than selling.
The community has mixed reactions to this prediction. Some users appreciate the conviction behind the prediction and believe in Bitcoin’s evolving fundamentals. However, others express concern over the extreme assumptions on adoption, monetary debasement, and institutional allocation.
AMBCrypto’s analysis suggests that Bitcoin’s consolidation phase may continue for another week, allowing liquidations to accumulate around the $96k mark. This could potentially lead to a sharp move higher, targeting the $100k level or even reaching $103k.
This highlights the importance of monitoring Bitcoin’s short-term movements as it approaches crucial thresholds that could determine its next major move.
