- A brief look at the reasons behind the latest Bitcoin dip below $100,000.
- Ark Invest CEO Cathy Woods reiterates her bullish case for BTC and stands by her $1 million prediction during a recent interview.
Its been a rude awakening for Bitcoin [BTC] holders this week as the cryptocurrency has been in freefall. The coin dropped from $108,364 on Tuesday, 17th December, to $95,537 on Thursday, its biggest successive pullback since August.
U.S Federal Reserve Chairman Jerome Powell may have reignited the bearish activity through his recent comment. However, the situation was further exasperated by claims that there will only be two rate cuts in 2025.
While sellers took advantage of the information, the downward pressure may have created more FUD. As a result, bullish sentiments were further eroded. Especially considering that the holidays are here and investors are likely to make withdrawals for holiday spending.
But despite the declining sentiment as indicated by the Fear and Greed index, there are those that still hold on to bullish optimism. Among them is Ark Invest CEO Cathy Wood who still believes in Bitcoin’s ability to rally to $1 million per coin.
Cathy Woods holds on to prediction for $1 million Bitcoin valuation by 2030
The Ark Invest CEO is one of the biggest Bitcoin bulls especially judging by her bold prediction. She doubled down on that prediction in a recent Bloomberg interview this week. Woods believes that 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 noted Bitcoin scarcity as one of the major reasons why institutional adoption will continue growing.
The Ark Invest chief cited technological factors as another reason why investors will find Bitcoin attractive beyond speculative reasons. Especially in regards to Bitcoin being digital money that is backed by a global and highly secure network.
The Bitcoin halving earlier this year was the most significant and perhaps understated development for institutional adoption. This is because the halving meant that Bitcoin’s annual rate of supply became lower than that of gold.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Cathy Woods believes that this shift will make Bitcoin more attractive to institutional investors, cementing BTC’s status as a digital store of value. The Ark Invest CEO expects a combination of these factors will likely accelerate Bitcoin adoption and fuel a long term rally.
In the meantime, short-term pullbacks are expected to take place in the market. The recent pullback may thus present opportunities for investors to accumulate Bitcoin below $100,000.