Bitcoin is one of the most popular digital currencies today. It has seen a meteoric rise in value over the past few years, and now Cathie Wood, CEO of ARK Invest, believes that it could reach new all-time highs. On 2nd February, Cathie Wood of ARK Investment Management revealed that they had not anticipated the quick acceptance of Bitcoin by companies and governments.

Wood is confident that Bitcoin will experience significant growth in value within the next five years and estimated that its price could reach $670,000. This prediction has caused many investors to consider whether or not they should start buying Bitcoin now.

In this article, we will take a look at what factors are driving this prediction and whether or not it is wise to start investing in Bitcoin now.

Bitcoin Price to Soar to $670,000 in 5 Years

Cathie Wood, CEO, CIO, and founder of the American investment management firm Ark Invest, told Bloomberg Radio on February 2 that she and her team underestimated the acceptance of cryptocurrencies by businesses and governments. She claimed that her company has invested heavily in Bitcoin and that it will eventually soar to incredible heights.

Wood admitted that 2022 was a bad year for the cryptocurrency industry. However, according to her, the players who lost money were those who were centralized and opaque, such as the cryptocurrency exchange FTX. She described Bitcoin as a global, rules-based, and automated digital currency system.

Furthermore, Wood maintains her prediction that the value of Bitcoin will skyrocket in the coming years. She predicted that Bitcoin would cost around $670,000 in five years and could reach $1.48 million in 2030, representing a 6,326% increase from its current value.

According to Wood, high-net-worth individuals may benefit significantly from using Bitcoin to protect their wealth from “confiscation” due to inflation. She is also now admitting that she was mistaken about Bitcoin.

Wood is sticking to her Bitcoin prediction.

Cathie Wood’s ARK Investment Management, which has continued to acquire crypto and shares of crypto firms despite the sector’s dramatic fall over the last year, believes Bitcoin will reach new highs soon.

According to Cathie, more businesses will include Bitcoin on their balance sheets, with Tesla, Block (formerly Square), and MicroStrategy as the leading examples. As a result, they significantly scaled-down that one. She believes that investors only need a little perseverance and trust.

Unsurprisingly, companies that held Bitcoin suffered last year. For instance, in a regulatory filing, Tesla stated that it recorded a $204 million impairment loss on its Bitcoin assets in 2022. The company dumped 75% of its crypto assets last year when the price fell. Meanwhile, few nations were interested in following El Salvador’s path, which became the first country to join Bitcoin as legal cash in 2021.

However, Cathie Wood and ARK have stayed with their significant Bitcoin bet. The firm’s belief in Bitcoin’s core blockchain technology has only increased, according to ARK research director Frank Downing, even after the disastrous FTX meltdown.

Wood noted in a tweet from December that the FTX tragedy “didn’t skip a beat” for the Bitcoin network, which she considered a testament to the coin’s transparency and resiliency under pressure. Moreover, her recent statements show that she is sure that Bitcoin’s value will skyrocket in the next years.

Bitcoin Price Prediction

Presently, Bitcoin’s market price is $23,293. Over the last 24 hours, it has decreased by 0.50%. The 24-hour trading volume of this cryptocurrency is $15 billion and its current CoinMarketCap ranking is 1. Its live market capitalization stands at $449 billion.

On the technical front, Bitcoin has broken through a strong support level of $23,250, which was established by an upward trendline.


Bitcoin Price Chart – Source: Tradingview

The breakout below this level has the potential to lead the BTC price further lower toward the $22,778 level. An increase in selling pressure could trigger another round of selling in Bitcoin price, taking it as low as $22,400. On the upside, a $23,400 level is likely to act as an immediate resistance, and a bullish breakout above this level could push BTC prices towards $23,850 or $24,500 levels.

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