📣 Bitcoin Could Reach $124,000 by Year-End — ARK Invest Analyst
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Current Bitcoin market trends are fueling optimism among investors. David Puell, Research Associate at ARK Invest, predicts significant growth in Bitcoin’s value by the end of 2024, with a target range of $104,000 to $124,000.
We’re more or less anticipating $104,000 to $124,000 price targets by end of yearPuell said in an interview with CoinDesk, adding that while this isn’t investment advice, current market trends support his prediction.
David Puell, Research Associate at ARK Invest. Source: ark-invest.com
Factors Supporting Bitcoin's Price Growth
Puell’s analysis is based on historical data showing Bitcoin’s cyclical behavior and key blockchain metrics. According to him, the market is currently 55–65% through the current growth cycle. He also suggests that if the market accelerates, the price could exceed the projected levels.
Historically, Bitcoin’s returns have decreased with each cycle. While the price tripled in 2017, Puell believes the next peak could only double the all-time high of $69,000 reached in 2021.
Long-Term Outlook
ARK Invest CEO Cathie Wood previously projected that Bitcoin’s price could reach anywhere from $1 million to $1.5 million by 2030, with a base case scenario of $650,000.
Puell added that crucial factors for Bitcoin’s future price movement will include the U.S. Federal Reserve’s policies, the SEC’s stance, and the potential for the U.S. to create a strategic Bitcoin reserve.
Monetary policy and the SEC stance are the things to focus onhe emphasized, noting that the introduction of a strategic reserve could mark a "whole new cake on top of a cake" for Bitcoin.
Caution Amid Optimism
Puell cautioned that despite the current positive sentiment, Bitcoin could still experience another bear cycle: the cryptocurrency has historically dropped by 70% after reaching new all-time highs.
While ARK Invest’s forecast reflects strong confidence in Bitcoin’s long-term growth and its increasing role in the global financial system, investors should remain aware of the risks that could trigger significant market corrections.
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