- A quick look at the reasons behind the latest Bitcoin dip below $100,000.
- Ark Invest CEO Cathy Woods reiterates her bullish case for BTC during a recent interview and stands by her $1 million forecast.
It was a rude awakening for Bitcoin [BTC] holders this week as the cryptocurrency is in free fall. The coin fell from $108,364 on Tuesday, December 17, to $95,537 on Thursday, the biggest consecutive drop since August.
US Federal Reserve Chairman Jerome Powell may have reignited bearish activity with his recent comment. However, the situation was further exacerbated by claims that there will be only two interest rate cuts in 2025.
Although sellers took advantage of the information, the downward pressure may have created more FUD. As a result, bullish sentiments were further eroded. Especially considering the holidays are here and investors will likely be withdrawing money for holiday expenses.
source: Alternative.me
But despite the declining sentiment indicated by the Fear and Greed Indexthere are those who still cling to bullish optimism. Among them is Cathy Wood, CEO of Ark Invest, who still believes in Bitcoin’s ability to reach $1 million per coin.
Cathy Woods Sticks To Prediction Of A Bitcoin Valuation Of $1 Million By 2030
The CEO of Ark Invest is one of the biggest Bitcoin bulls, especially considering her bold prediction. She doubled down on that prediction in a recent publication Bloomberg interview this week. Woods believes BTC could be worth between $1 million and $1.5 million by 2030.
She stated that a favorable regulatory landscape has and will continue to pave the way for institutional adoption. Wood also cited the scarcity of Bitcoin as one of the main reasons why institutional adoption will continue to grow.
The head of Ark Invest cited technological factors as another reason why investors will find Bitcoin attractive, aside from speculative reasons. Especially when it comes to the fact that Bitcoin is digital money backed by a global and highly secure network.
Bitcoin’s halving earlier this year was the most significant and perhaps understated development for institutional adoption. This is because the halving caused the annual supply of Bitcoin to become lower than that of gold.
Read Bitcoin’s [BTC] Price forecast 2024-25
Cathy Woods believes this shift will make Bitcoin more attractive to institutional investors, cementing BTC’s status as a digital store of value. Ark Invest’s CEO expects that a combination of these factors will likely accelerate Bitcoin adoption and fuel a long-term rally.
In the meantime, a market pullback is expected to occur in the short term. Thus, the recent pullback may provide opportunities for investors to accumulate Bitcoin under $100,000.