Tech-focused investment firm ARK Invest believes Bitcoin (BTC) will shatter the six-figure price level before 2024 expires.
In a new report, ARK Invest analyst David Puell looks at historical data to predict where Bitcoin could possibly land before the year ends.
Based on the numbers dating as far back as 2011, Puell predicts that Bitcoin could rise by as much as 36% from current levels.
“As of November 13, 2024, Bitcoin’s performance multiple reached 2.14x, outperforming the 2.06x average for all sampled years: 2011 to 2023, as well as the 2.04x average of all calendar years in which halvings have occurred: 2012, 2016, and 2020.
If Bitcoin were to match the general historical average or the average of all halving years at December’s end, its 2024 performance multiple could hit between 2.48x and 2.94x, its price potentially reaching between ~$104,000 and ~$124,000.”
Puell also predicts that Bitcoin’s bull market will not stop this year. The ARK Invest analyst believes that BTC’s bullish momentum will persist if the incoming administration under President-elect Donald Trump continues to explore the idea of adding BTC to the US government’s balance sheet.
“Bottom line, if institutions continue to gravitate toward this new asset class, and the US government seriously contemplates adding Bitcoin to its strategic reserves, we anticipate a strong close to 2024 and continued momentum during 2025.”
At time of writing, Bitcoin is trading at $90,213. You can read the full report here.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here