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The bitcoin price has been hit by shock exchange collapses and a looming regulatory crackdown, wiping around $2 trillion from the combined crypto market that some think is “headed for oblivion.”
Now, one of the most bullish bitcoin voices has issued a huge bitcoin price prediction, forecasting the bitcoin price will explode to a massive $1 million per bitcoin by 2030 even as another crisis threatens to engulf the crypto market.
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The bitcoin price has fallen sharply over the last year, wiping out confidence in bitcoin and other … [+]
“We think bitcoin is coming out of this smelling like a rose,” Ark Investment Management chief executive Cathie Wood told Bloomberg, following the sudden implosion of major bitcoin and crypto exchange FTX this month.
Bitcoin proponents have maintained that bitcoin is uniquely insulated from the current crypto crisis, arguing its decentralized nature and fixed supply of 21 million bitcoins sets it apart from other cryptocurrencies and the problems facing crypto companies.
“You need to go through crises to see the survivors and battle test the infrastructure and the thesis,” Wood said.
Ark, a major supporter of Elon Musk’s Tesla and other high-growth technology stocks, has made big bets on bitcoin, other cryptocurrencies and crypto companies in recent years, doubling down during this year’s brutal bear market.
Wood also predicted institutional investors that have been waiting on the sidelines of the bitcoin and crypto market for years will eventually feel able to take the plunge into bitcoin and even ethereum, the second-largest cryptocurrency after bitcoin.
“Once they actually do the homework and see what’s happened here, I think they might actually be more comfortable moving into bitcoin, and perhaps ether, as a first stop because they’ll understand it more,” Wood said.
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The bitcoin price has crashed under $17,000 per bitcoin this year, plummeting from almost $70,000 in … [+]
This week, the bitcoin price has struggled to rebound following its FTX-induced crash this month, with market watchers forecasting “big players” could forget about bitcoin for “a few years” due to the failure of FTX and other big crypto companies.
“Bitcoin has failed to exploit the inverted head-and-shoulders pattern fully,” FxPro senior market analyst Alex Kuptsikevich said in an emailed note, pointing to technical bitcoin price trading data.
“Perhaps the reason for that is the lack of big players due to the holidays. However, the chances are high that it is still because of the ongoing cautious selling in the sector: the big players continue to reduce their positions, probably forgetting about it again for a couple of years.”