Bitcoin to Hit $1 Million Price Tag in 2030: ARK Invest Researchers

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Researchers at American investment firm ARK Invest have promulgated a significantly bullish future for Bitcoin (BTC). The research team asserted that the benchmark cryptocurrency could exceed $1 million, with a market cap of $28.5 trillion, by 2030.

ARK Invest, chaired by Catherine Wood, has remained steadfast in its support for Bitcoin for a while. Last July, the firm acquired an additional 450,000 additional shares of the Grayscale Bitcoin Trust (GBTC) within two days. Currently, the company has more than 6.5 million GBTC shares on its balance sheet.

Cathie Wood has also expressed her bullish BTC projections severally in the past. In late December 2021, Wood asserted that the flagship cryptocurrency could hit the $500,000 price tag in five years.

Following its latest research, ARK Invest has put forward an even ambitious projection for BTC—$1.36 million per coin by 2030. The research team noted:

“According to our research, Bitcoin’s market capitalization could scale more than 25-fold in the next decade, with each exceeding $1 million in value.”

ARK Invest also highlighted several milestones the benchmark cryptocurrency had scaled in the past few months, including surpassing the $1 trillion valuation mark for the first time in February 2021, the approval of spot BTC ETFs by Canadian regulators, and the approval of Bitcoin Futures ETF by the SEC last October.

Key Bitcoin Levels to Watch — January 27

Following a strong recovery from its recent crash, BTC’s bullish momentum hit a snag yesterday, falling back to the $36,000 support, on some hawkish comments from the recently-concluded FOMC meeting. At press time, the benchmark cryptocurrency has neatly bounced off the support, building a good case for sustained bullish momentum.

BTCUSD –4-Hour Chart on Gemini. Source: TradingView

The immediate barrier for bulls is the $38,500 line, which would put BTC back above the long-prevailing bearish trendline, possibly lending it some support to breach the $41,000 pivot barrier.

Meanwhile, my resistance levels are at $37,500, $38,500, and $40,000, and my key support levels are at $36,000, $35,000, and $33,750.

Total Market Capitalization: $1.65 trillion

Bitcoin Market Capitalization: $691.4 billion

Bitcoin Dominance: 41.8%

Market Rank: #1

 

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.