TL;DR
- Cathie Wood predicts BTC could reach $650,000 by 2030, citing regulatory shifts and institutional adoption as key drivers.
- Analysts expect further gains, with targets up to $245,000 next year.
Bullish as Usual
Bitcoin (BTC) has performed impressively in the past week, with its price pumping above $93,000 on November 13. In the following days, it consolidated at around $91,000, while currently, it trades at $90,100 (a 115% increase year-to-date).
The bull run has triggered massive enthusiasm across industry participants, with many envisioning further gains in the future. Unsurprisingly, one of the biggest optimists is Cathie Wood (CEO of ARK Invest).
In a recent interview with CNBC, she reiterated her prediction that BTC could be worth $650,000 by 2030. Moreover, Wood believes that the valuation may explode to up to $1.5 million in the “bull case” scenario.
The executive mentioned two main factors that could push BTC to new peaks. First, she expects that the administration of the upcoming American president, Donald Trump, will bring “regulatory relief” on all kinds of innovation.
Recall that the Republican, who won the US presidential elections on November 5, made numerous crypto-related promises and described himself as the right choice for those in favor of the asset class.
He also pledged to fire the US SEC’s Chairman Gary Gensler on his first day after assuming office. The agency and its leader have shown anti-crypto approach over the years, filing numerous lawsuits against firms part of the ecosystem. One of the most popular cases is the legal tussle involving Ripple.
Recent reports suggested that the next potential Chairman will be “pro-crypto,” while the community started speculating that Gensler’s days are numbered due to his recent open later (which some interpreted as a hint toward resignation). However, no official announcement has been made, and we have yet to see what will happen on that front.
Second, Wood maintained that BTC’s price rally has changed people’s stance on it, with many viewing it as something more than a global monetary system:
“We are looking at Bitcoin now being viewed as a new asset class. It’s not just a global monetary system, it’s a new asset class. And what that means is that institutions and asset allocators generally are saying, “Wait a minute, this asset is behaving differently from all of our other assets we need to include.” So I think that’s the next big move.”
Additional Forecasts
Crypto X is rammed with analysts predicting that BTC may soon reach unseen levels. Captain Faibik envisioned a fresh “bullish leg incoming” that could take the price to almost $100,000. Mags was even more optimistic, seeing a new ATH of approximately $245,000 sometime next year.
Those willing to find out whether or not the Bitcoin ship has sailed can check out our recent video, answering the question: is it too late to buy Bitcoin in 2024?
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